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IRS: CENTS-PER-MILE METHOD AVAILABLE FOR EMPLOYER-PROVIDED VEHICLES UP TO $15,100 VALUE
January 08, 2007
The IRS has updated their rules (Rev. Proc. 2007-11) for determining how much compensation employees must pick up for their personal use of employer vehicles. Employers can put the personal use on employee W-2s using the IRS cents-per-mile rate (currently 48.5 cents) for cars values at up to $15,100 and for trucks or vans valued up to $16,100.
For more expensive vehicles, employers normally must use the "lease value" method to determine employee income from company cars.
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