IRS Provides 2012 Cents-Per-Mile, Fleet Valuations

The IRS has released the maximum allowable value of certain employer-provided automobiles, including trucks and vans, that are first made available to employees for personal use during calendar year 2012. The maximum value of vehicles for which the cents-per-mile valuation rule of Reg. §1.61-21(e) may apply is $15,900 for a passenger automobile and $16,700 for a truck or van. The maximum value for vehicles for which the fleet-average valuation rule of Reg. §1.61-21(d) may apply is $21,100 for a passenger automobile and $21,900 for a truck or van. (Rev. Proc. 2012-13, I.R.B. 2012-3, January 17, 2012.)