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Old 02-07-2015, 01:20 PM
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Lease vehicle not reported

It appears my company has not reported my leased vehicle acquired on June 15 2013 as income under fringe benefits. I use the vehicle 25% business, 40% commute and 65% personal. I pay for my own gas for personal use. My company pays for gas for business use as well as insurance, licence, registration, maintenance and repair.
What are the repricussions of not being reported in 2013 and what can I do to avoid any repricussions going forward?



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Old 02-07-2015, 05:36 PM
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It appears my company has not reported my leased vehicle acquired on June 15 2013 as income under fringe benefits. I use the vehicle 25% business, 40% commute and 65% personal. I pay for my own gas for personal use. My company pays for gas for business use as well as insurance, licence, registration, maintenance and repair.
What are the repricussions of not being reported in 2013 and =======>>>>>>I guess UNLESS your leased vehicle acquired on June 15 2013 as income under fringe benefits, you can not claim those biz related expenses on your return;you did not pay Fringe benefit tax , a tax on benefits that you, receive and enjoy as a result of your employment.you, as an employee, are taxed on the value of the vehicle provided, multiplied by the personal-use percentage. The value is considered additional wages to you on which income, but not FICA, taxes are due.however, the company can deduct as a business expense the cost of a vehicle provided to you.

what can I do to avoid any repricussions going forward?======>>>>>I guess you need to talk to your Company so that they include it in your W2; the amount included in the W-2 is reduced by the business use of the vehicle.you need to report to the employer the amount of business use of the car so that the inclusion can be reduced accordingly.



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