Do you have an employer-provided vehicle? The IRS has issued final regulations about the limitation on the fleet-average rule. The final regs concern the special valuation rules for employers and employees to use in determining the amount to include in employee’s gross income for personal use of an employer-provided vehicle. The regs adopt proposed regs, issued in Aug. 2019, without substantive change. They reflect an increase in dollar limitations on depreciation deductions and increase the maximum base fair market value of a vehicle for use of fleet-average or cents-per-mile valuation rule to $50,000. The regs are effective beginning with the 2018 calendar year. Call or visit our website for more information! www.mjscpa.com/
