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The IRS standard business rate, for example, often over-reimburses high-mileage drivers and under-reimburses low-mileage drivers, which is a huge problem as Covid-19 continues to reduce business vehicle travel. Not only are FAVR allowances non-taxable, unlike standard allowances, but they also accurately and equitably reimburse employee vehicle expenses, unlike mileage reimbursement rates. Also known as FAVR reimbursement, this IRS revenue procedure holds a number of distinct advantages over standard car allowances, mileage reimbursements, and other common reimbursement methods. Over the past few years, the fixed and variable rate car allowance has gained popularity. If your organization uses or is considering a FAVR car allowance, here's what you should know. Each year, the IRS updates its rules and guidelines for non-taxable, accountable vehicle reimbursements.
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