Worksheet Software For The Personal Use Of A Company - An Overview
Employee Auto Fringe Benefit Calculator: Quickly and easily determine how much should go on an employee's W-2 for personal use of the company car. This program also computes the lease inclusion amount.
This program is used by accounting firms, private and publicly owned business, colleges & local governments.
The Cents-Per-Mile Method Used For The Fringe Benefit Calculation Has Changed
Before 2018, the cents-per-mile method could not be used if the car was valued at more than $21,100 ($23,300 for trucks or vans). For 2019 this limitation has more than tripled to $50,400 (IRS Notice 2019-34). More employees can use the cents-per-mile method. This amount will be adjusted for inflation in the future. The result is that more employers help their employees out by using this method. This can lower the W-2, box 1 compensation for personal use of the business vehicle.
Bad Things That Can Happen If This Computation Is Not Made
If personal use of a company vehicle is not included in on W-2s, and the IRS finds this:
Employees will have to amend old tax returns, and pay tax that they didn't think that they owed. This is not good for employee moral!
Employers can be subject the §6721 penalty for failure to file a correct information return for each employee with personal use of a company vehicle.
"At year end we have to calculate personal use of
the auto's before completing W-2s, and this program is used by everyone in the
office. It saves time and is fast. We have been using this program
for years. My employees remind me to reorder every year. Thank you for a
"Fast and convenient and very accurate."
"Quick and easy to get calculations."
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