Vision Payroll

September 9, 2011

Question of the Week: What Are the Updated Standard Industry Fare Level Rates?

DOT Releases SIFL Rates for Second Half of 2011
DOT Releases SIFL Rates for Second Half of 2011
What Are the Updated Standard Industry Fare Level Rates?

This week’s question comes from Russell, a company president.

Russell asks…

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?

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 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

Contact Vision Payroll if you have any questions on SIFL changes.

February 25, 2011

Question of the Week: What Are the Updated Standard Industry Fare Level Rates?

What Are the Updated Standard Industry Fare Level Rates?
What Are the Updated Standard Industry Fare Level Rates?
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

Contact Vision Payroll if you have any questions on SIFL changes.

August 11, 2010

Tip of the Week: US Department of Transportation Issues Updated Standard Industry Fare Level Rates

DOT Releases SIFL Rates for Second Half of 2010
DOT Releases SIFL Rates for Second Half of 2010
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. The revised rates are 22.43¢ per mile for 500 or fewer miles traveled, 17.10¢ per mile for greater than 500 miles traveled and up to 1,500 miles traveled, and 16.44¢ per mile for greater than 1,500 miles traveled. The terminal charge is $41.00. These rates apply to the period from July 1, 2010 to December 31, 2010.

Contact Vision Payroll if you have any questions on SIFL changes.

February 14, 2010

US Department of Transportation Issues Updated Standard Industry Fare Level Rates

Filed under: News — Tags: , , , , — Vision @ 10:49 am

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. The revised rates are 22.04¢ per mile for 500 or fewer miles traveled, 16.80¢ per mile for greater than 500 miles traveled and up to 1,500 miles traveled, and 16.15¢ per mile for greater than 1,500 miles traveled. The terminal charge is $40.28. These rates apply to the period from January 1, 2010 to June 30, 2010.

Contact Vision Payroll if you have any questions on SIFL changes.

October 6, 2009

US Department of Transportation Issues Updated Standard Industry Fare Level Rates

Filed under: News — Tags: , , , , — Vision @ 10:57 am

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. The revised rates are 25.01¢ per mile for 500 or fewer miles traveled, 19.07¢ per mile for greater than 500 miles traveled and up to 1,500 miles traveled, and 18.33¢ per mile for greater than 1,500 miles traveled. The terminal charge is $45.71. These rates apply to the period from July 1, 2009 to December 31, 2009.

Contact Vision Payroll if you have any questions on SIFL changes.

March 16, 2009

US Department of Transportation Issues Updated Standard Industry Fare Level Rates

Filed under: News — Tags: , , , , — Vision @ 11:56 pm

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. The revised rates are 24.84¢ per mile for 500 or fewer miles traveled, 18.94¢ per mile for greater than 500 miles traveled and up to 1,500 miles traveled, and 18.21¢ per mile for greater than 1,500 miles traveled. The terminal charge is $45.41. These rates apply to the period from January 1, 2009 to June 30, 2009.

Contact Vision Payroll if you have any questions on SIFL changes.

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