Understanding IRS Tax Rules for Car Allowance: FAVR, Accountable, and Taxable Allowance
The Internal Revenue Service offers business owners a fair amount of discretion in how they reimburse employees’ transportation costs. When employees drive their personal vehicles for work, the IRS allows these expenses to be reimbursed tax-free. While in most states it isn’t necessary to reimburse employees, since employees can claim tax deductions for their expenses, … Continue reading Understanding IRS Tax Rules for Car Allowance: FAVR, Accountable, and Taxable Allowance
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