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Standard mileage rule: SUVs up $100, cars unchanged

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in Office Management,Payroll Management

Employers that use the standard mileage rate (53.5¢ cents a mile in 2017) 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 2017 that qualify for the standard mileage rate valuation method remains $15,900. The value of company SUVs increases to $17,800, from $17,700. For pricier vehicles, you must use the lease valuation method or the general valuation method to value employees’ personal use of company vehicles. (Notice 2017-3, IRB 2016-7)

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