News & Resources

Temporary relief to value personal use of employer-provided automobile for 2020

Due to the COVID-19 pandemic, the IRS is providing temporary relief to employers and employees using the automobile lease valuation rule to determine the value of an employee’s personal use of an employer-provided automobile. An employer can calculate the inclusion using the vehicle cents-per-mile valuation beginning March 13, 2020 to more accurately reflect the use of the vehicle due to the pandemic. 

See the complete notice here for the requirements that must be met. Immediate action may be needed before 2020 Form W-2s are issued.  
Tax