N-2019-34: Maximum Values For 2019 For Use With Vehicle Cents-Per-Mile and Fleet-Average Valuation Rules
Internal Revenue Service (IRS) sent this bulletin at 05/08/2019 03:14 PM EDT
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Issue Number: N-2019-34Inside This IssueNotice 2019-34 provides the inflation-adjusted maximum value of a vehicle (including cars, vans and trucks) for 2019 for use with the fleet-average and vehicle cents-per-mile valuation rules, provides information about where this maximum value will be published in the future, and provides flexibility for 2018 and 2019 in the consistency requirements in the existing regulations relating to use of the fleet-average and vehicle cents-per-mile rules. Sections 1.61-21(d) and (e) of the Income Tax Regulations provide special valuation rules for employers to use in determining the amount to include in employee income for personal use of employer-provided vehicles. However, employers can only use these rules for vehicles with fair market values that do not exceed a maximum value that is adjusted for inflation each year under section 280F. Notice 2019-34 will be in IRB: 2019-22, dated 5/28/2019. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |