The Internal Revenue Service has increased its maximum value limits for employer-provided vehicles this year.

The IRS said the maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2010 for which the vehicle cents-per-mile valuation rule may be applicable is $15,300 for a passenger automobile and $16,000 for a truck or van.

In addition, the maximum value of employer-provided vehicles first made available to employees for personal use in 2010 for which the fleet-average valuation rule may be applicable is $20,300 for a passenger automobile and $21,000 for a truck or van.

For more information, see Revenue Procedure 2010-10.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access