The Department of Transportation has released the applicable terminal charge and standard industry fare level (SIFL) mileage rates for January 1, 2015, through June 30, 2015. These rates will be used by the IRS to determine the value of noncommercial flights on employer-provided aircraft. The terminal charge is $45.52. The SIFL rates are $.2490 per mile for the first 500 miles; $.1898 per mile for 501 miles through 1,500 miles; and $.1825 per mile for miles over 1,500.
The Tax Exempt & Government Entities Division is providing a free webinar on Employer Provided Vehicles–How and What to Report for Federal Tax Purposes. The webinar, held on February 19th starting at 11 am Pacific 2 pm Eastern time will cover the following:
- What is taxable?
- What sorts of use are exempt?
- Which vehicles are exempt?
- How to value personal use
The Wisconsin Department of Revenue has posted an article on its website detailing how to handle 2014 transportation fringe benefits.