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IRS GuideWire December 29, 2022

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Issue Number: ???N-2023-3

Inside This Issue [ #First ]
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Notice 2023-3 [ [link removed] ] references longstanding regulations under ? 61 that provide special valuation rules for employer-provided automobiles.? The amount that must be included in the employee?s income and wages for the personal use of an employer-provided automobile generally is determined by reference to the automobile?s FMV.? If an employer chooses to use a special valuation rule, the special value is treated as the FMV of the benefit for income tax and employment tax purposes.? Section 1.61-21(b)(4).? Two such special valuation rules, the fleet-average valuation rule and the vehicle cents-per-mile valuation rule, are set forth in ? 1.61-21(d)(5)(v) and ? 1.61-21(e), respectively.? These two special valuation rules are subject to limitations, including that they may be used only in connection with automobiles having values that do not exceed a maximum amount set forth in the regulations.

Notice 2023-3 will be in IRB:?2023-3, dated January 17, 2023.

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