This week’s question comes from Trevor, a company president. Some of our employees use our company aircraft for personal purposes. We need to value this and include it income for those employees. What are the updated Standard Industry Fare Level Rates? Answer: The United States Department of Transportation (DOT) recently released updated Standard Industry Fare Level (SIFL) rates, which are used to value employee personal use of company aircraft.
Revised Rates Are Effective January 1, 2011 To June 30, 2011
The revised SIFL rates are 22.37¢ per mile for 500 or fewer miles traveled, 17.06¢ per mile for greater than 500 miles traveled and up to 1,500 miles traveled, and 16.40¢ per mile for greater than 1,500 miles traveled. The terminal charge is $40.90. These rates apply to the period from January 1, 2011 to June 30, 2011.
Contact Vision Payroll for Updated SIFL Rates