If The Word "Audit" Scares You, You’ll Want To Sit In On This Session!

Personal use is considered a taxable fringe benefit by the IRS and must be reported as such. Is your company charging or taxing drivers for personal use? Does your company report driver taxation or charges to the IRS as appropriate, including any true-ups that may be required? Are your drivers accurately reporting their personal use and maintaining trip logs? Do you know what records your company is responsible for keeping in regard to your drivers’ personal use?

If you answered "no" to any part of these questions, you could be in trouble if the IRS were to audit your records! The session Don’t Mess with the IRS: Understanding and Auditing Your Personal Use Policy, taking place on Thursday, April 10, will review personal use, as seen by the IRS, and help you to pass on the need for compliance to your company and your drivers.

What the IRS classifies as personal use may be different than you have expected! This session will show you how to explain personal use to drivers and ensure proper reporting by drivers; will explain what a company must do to be IRS compliant and how to create a compliant policy; and how personal use is taxed in payroll (including states without income tax, etc.)

Be well-versed in the industry best practices and strategies that avoid audits and identify cost savings. Make Don’t Mess with the IRS: Understanding and Auditing Your Personal Use Policy a part of your Thursday session schedule.You can lock in your personal schedule using Map Your Show by clicking here.