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Client Alert: Reporting Personal Use of Company Car Rules 2017

Please find this memorandum, suitable for your payroll department to copy onto corporate letterhead, sign and distribute to applicable personnel, regarding the IRS company car reporting rules for the current year. 

The memorandum is applicable to directors, one percent or more owners, officers with compensation in excess of $105,000, or employees earning more than  who drive a company car that cost more than $15,900 if first put in use in 2017 ($16,000 in 2014 and 2015 and $15,900 in 2016).  The memorandum does not address the company car reporting rules for employers with twenty or more such cars or employees or officers with less compensation or a lower cost company car or who are reimbursed by the company for using their own car.  If that is the case, please see our contact information below and call us for those reporting rules.

If you have any questions, please contact:
Charles J. Frago, CPA, Principal, at 413-726-6862 or, or 
Michael J. Rowe, CPA, Principal, at 617-428-5437 or