The Internal Revenue Service has issued the maximum vehicle values for 2016 that taxpayers need to determine the value of personal use of employer-provided vehicles.
The vehicle value is used under the special valuation rules provided under section 1.61–21 (d) and (e) of the Income Tax Regulations, which apply to the taxation of fringe benefits. In Notice 2016-12, the IRS said the maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2016 for which the vehicle cents-per-mile valuation rule provided under section 1.61–21(e) may be applicable is $15,900 for a passenger automobile and $17,700 for a truck or van.
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