Business automobiles: new regs show what is deductible and when employee has income
Article Abstract:
New regulations issued in November 1985 regarding the substantiation of business use of cars combined with new regulations requiring the value of such use be included in an employee's income issued the following December make it necessary to review the use of automobiles in business from both perspectives. The effects of the regulations are analyzed under several specific circumstances, including cars used by non-owner-employees, car allowance and expense reimbursement plans, and employer reporting and substantiating requirements. Also discussed are the effects on employees' income in terms of employer-provided and employee-owned automobiles, employees' deductions, and substantiation requirements.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1986
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How to compute the adjustments for abandoning Rule of 78's for interest accruals
Article Abstract:
The Internal Revenue Service has ruled that no interest deduction will be allowed for any year in excess of the economic accrual of interest. Thus the Rule of 78's method of interest computation can no longer be used. The Service has also provided guidelines for accounting changes a taxpayer must make to compute interest. These guidelines are found in Revenue Procedures 84-27, 84-28, and 84-30. The changes should be made within the period described.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1985
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