Tax & Accounting Blog

IRS Rev. Proc. 2012-13 Specifies Value Limitations for 2012 Employer-Provided Vehicles for Sec. 1.61-21 FMV of Personal Use by Employees

IRS Rev. Proc. 2012-13 Specifies Value Limitations for 2012 Employer-Provided Vehicles for Sec. 1.61-21 FMV of Personal Use by Employees

ONESOURCE January 30, 2012

IRS Rev. Proc. 2012-13, issued on January 13, provides: 1) The maximum value of employer-provided vehicles first made available to employees for personal use in calendar year 2012 for which the vehicle cents-per-mile valuation rule provided under Section 1.61-21(e) of the Income Tax Regulations may be applicable is $15,900 for a passenger automobile and … Read More

onesource

A Refresher on How to Classify Valuation Allowance

The provision is done, the deferred ending balances are reconciled, and the proper total valuation allowance has been established. But there is one more thing. If you haven’t considered valuation allowance allocation and presentation in classified financial statements in a while it may be time for a refresher, so read on!  The Rules: 740-10-45-5  The … Read More