Corporate Tax Compliance Means Tax Savings
IRS plans for vehicle reimbursement are intended to recognize business travel as an expense, not taxable income for the employee and not subject to FICA taxes for the business. Seems simple enough, until you start digging deeper. What about personal use? What happens if the employee furnishes the vehicle, but the company provides a fuel card? If you’ve been involved in your company vehicle program, you know that there are many possibilities for confusion.
CarData will take the onus of navigating tax laws off your company. Based on our experience and familiarity with current tax regulations, we’ll devise an IRS-compatible program that saves money for all stakeholders.
Three Ways a FAVR Benefits Your Company
IRS compliance is just one way that CarData VRPs can help.
“Our company cars were costing us too much and they were getting older. We wanted a plan that was industry competitive and that produced some cost savings. Continue reading “Chief Financial Officer – Resource Industry” »
- Chief Financial Officer, Food Industry
“The vehicle reimbursement program we were using had our people moving in and out of compliance with IRS rules. Continue reading “Vice President Human Resources – Fortune 500 Company” »
- Vice President Human Resources, Technology Industry
“Placing our vehicle reimbursement program into the hands of CarData was one of the best decisions for our company. The modern technology and easy-to-use system that they offer is second to none. Continue reading “Testimonial – Driver Benefits” »
- Director Purchasing, Chemical Company
“The online application is simple to use, and our employees love being able to have access through their mobile devices. This technology has made a big difference in terms of compliance. Employee buy-in was almost seamless, which in our industry is worth its weight in gold! Continue reading “Testimonial – Modern Technology” »
- Benefits Director, Beauty Industry
“Prior to switching to CarData for our vehicle reimbursement plan, we managed an in-house fleet program. However the practicality of the program began a steady decline not long ago, both in terms of costing and resource allocation. Continue reading “Testimonial – Company Car Fleet” »