IRS Updates Maximum Allowable Vehicle FMV for Employee Fringe Benefits


Via the Journal of Accountancy

In Revenue Procedure 2010-10, the IRS has updated the maximum allowable fair market value (FMV) of an employer-provided vehicle that can be used with the cents-per-mile and fleet-average rules, for determining the value of an employee’s personal use of vehicles. 

The new maximum FMV is $15,300 for the cents-per-mile rule and $20,300 for the fleet-average valuation rule for passenger automobiles.  For trucks, the respective FMVs are $16,000 and $21,000.

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