The IRS has issued final regulations on the personal use of employer-provided vehicles. Specifically, the final regs explain the special valuation rules to use in determining the amount to include in an employee’s gross income for personal use of an employer-provided vehicle. The regs update the fleet-average and cents-per-mile valuation rules to align the limitations on the maximum vehicle fair market values for use of the special valuation rules with the depreciation limit changes made by the Tax Cuts and Jobs Act. The final regs adopt proposed regs, released last year, without substantive changes. They apply to tax years beginning on Feb. 5, 2020. Contact us if you have questions. Call or visit our website for more information! www.mjscpa.com/
