At first blush, FAVR (Fixed and Variable Rate) programs can appear to be simple. “F” is for fixed costs for business use of employee-owned vehicles, for example insurance and licensing. “V” is for variable expenses such as the relative cost of living in a given geographical region and fluctuating gas […]
Continue Reading
Let’s say you were in an enterprise that offers a vehicle allowance program, often called “flat rate.” There’s a reasonable chance that someday you’ll pass an office and hear one of your best sales reps remark to a coworker that paying out of pocket for gas and maintenance on her […]
Continue Reading
Is 2020 the year you get out of the “car business?” Wouldn’t you rather focus attention on operations that foster business success, as opposed to dedicating resources and cash to a company car program that creates administrative headaches, risk and tax obligations? Make the switch to a vehicle reimbursement plan […]
Continue Reading
The CRA Standard Rate Goes Up For 2020 – CarData Reviews Trends Over the Past Decade Plus The CRA Standard Rate Goes Up For 2020 – CarData Reviews Trends Over the Past Decade At yearend the Department of Finance Announces the coming years Automobile Deduction Limits and Expense Benefit […]
Continue Reading
The IRS Standard Mileage Rate and FAVR plan maximum vehicle costs, are published annually in IRS Rev Procedure 2010-51 Notice 2020-2. 2020 IRS STANDARD MILEAGE RATE Effective January 1 2020, the IRS Standard Mileage Rate for 2020 is down .50 cents to 57.50 cents per mile. The standard mileage rate for business is based […]
Continue Reading