IRS Updates Maximum Allowable Vehicle FMV for Employee Fringe Benefits

by

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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: