Photo: Dan Macy
Employers with fleets of vehicles can now determine the value of making them available for use in 2012, thanks to the IRS, which on Jan. 17 released the maximum vehicle values for use with the special valuation rules for employer-provided cars, trucks and vans in 2012.
Revenue Procedure (Rev. Proc.) 2012-13, provides the new maximum valuations, as follows.
- cars for which the cents-per-mile valuation rule is used: $15,900 (up from $15,300 in 2011);
- truck or van for which the cents-per-mile valuation rule is used: $16,700 (up from $16,200);
- cars for which the fleet valuation rule is used: $21,100 (up from $20,300);
- trucks or vans for which the fleet valuation rule is used: $21,900 (up from $21,200).
These limits apply to vehicles that are first put into use during 2012. Each year, the IRS adjusts the thresholds for inflation.
Employers with questions may call Don M. Parkinson in the IRS Office of the Division Counsel/Associate Chief Counsel (Tax Exempt & Government Entities), the principal author of Rev. Proc. 2012-13, at (202) 622-6040.