We know our member businesses are always on the move and many employ a fleet of vehicles for daily work. Below is an IRS update with the 2016 values for employer-provided vehicles. The values apply to vehicles first made available to employees for personal use in calendar year 2016.
The IRS has released the maximum vehicle values for 2016 that taxpayers need to determine the value of personal use of employer-provided vehicles under the special valuation rules provided under IRS regulations.
2016 Maximum Vehicle Values
- The maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2016 for which the vehicle cents-per-mile valuation rule provided under IRS Regulation section 1.61–21(e) may be applicable is $15,900 for a passenger automobile and $17,700 for a truck or van.
- The maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2016 for which the fleet-average valuation rule provided under IRS Regulation section 1.61–21(d) may be applicable is $21,200 for a passenger automobile and $23,100 for a truck or van.
These values apply to employer-provided passenger automobiles first made available to employees for personal use in calendar year 2016.
To learn more about IRS notices and other new laws and regulations affecting your business, please visit the NARFA blog.
NARFA is a trade association for the automotive, roads, fuel, and related businesses. We offer employee benefit programs, full administrative support, and much more. Please contact us to learn more about our programs. Since 1929 we have been serving hundreds of businesses and our track record and success speaks for itself. With a 99% member retention rate, we know what your business needs and our “power in numbers” continues to provide great stability for our member businesses.
White House 2024 Budget Raises OSHA Funding by 17%: What Does This Mean?
Brief: President Joe Biden’s proposed fiscal year 2024 budget would increase funding for OSHA by $106.4 million, or 17%, to $738.7 million. As part of the increase, [...]
National Ladder Safety Month 2023: Three Considerations for Selecting the Correct Ladder
March is National Ladder Safety Month, let’s look at ladder selection. Before you get started on your next project, you have to choose a ladder, [...]
Company Safety Policies Need Management Commitment—6 Tips to a Safer Worksite
Editors Note: Each anecdote has been taken from the archives of NARFA’s Automotive Industries Compensation Corporation (AICC) program and is designed to help inform, [...]