Better late than never: 2013 maximum car/SUV valuations — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Better late than never: 2013 maximum car/SUV valuations

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in Office Management,Payroll Management

Employers that use the standard mileage rate (56.5 cents a mile in 2013) to value employees’ personal use of company vehicles are restricted to supplying vehicles of modest value. The fair market value of company cars first made available to employees in 2013 that qualify for the standard mileage rate valuation method is $16,000, up $100. The value of company SUVs is $17,000, up $300.

For pricier vehicles, you must use the lease valuation method or the general valuation method to value employees’ personal use of company vehicles. (Notice 2013-27, IRB 2013-18)

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