This week’s question comes from Russell, a company president.
Some of our employees use our company aircraft for personal purposes. We need to value this and include it as income for those employees. What are the updated Standard Industry Fare Level Rates?
Revised Rates Are Effective For the Second Half Of 2011
The Standard Industry Fare Level (SIFL) rates for the second half of 2011 were published by the Transportation Department. The rates, which are used to determine the taxable value of an employee’s personal flight in a company aircraft, are 23.95 cents for flights of up to 500 miles, 18.26 cents for flights of 501 to 1,500 miles, and 17.56 cents for flights greater than 1,500 miles. The terminal charge is $43.79.
Contact Vision Payroll for Updated SIFL Rates