The IRS plans to revise its maximum-vehicle-value regulations for 2019 to bring them into alignment with recent statutory changes to the automobile price inflation adjustment in Sec. 280F(d)(7).
Notice 2019-34 provides the maximum fair market value of a vehicle for use with the fleet-average and vehicle cents-per-mile special valuation rules issued by Treasury for 2019. The rules will be helpful in determining the value of an employee’s personal use of an employer-owned vehicle for tax purposes.
Learn more about this revision and other related amendments. The IRS is requesting comments on these changes by July 29.