By Payroll and Entitlements Editorial Staff
As promised, the IRS has issued proposed regulations regarding special valuation rules for employers and employees to use in determining the amount to include in an employee’s gross income for personal use of an employer-provided vehicle. The proposed regulations reflect changes made by the Tax Cuts and Jobs Act, Public Law 115-97 (the Act).
The current values to be used in the fleet valuation method and the cents-per-mile method both remain $50,000 for 2018 and $50,400 for 2019. They were announced in IRS Notices 2019-08, IRB 2019-3 and 2019-34, IRB 2019-22 (see Payroll Management Guide Report Letter 2604, June 4, 2019). Essentially, the prior IRS guidance was codified into proposed rules.
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