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SIFL rates for employee flights are on the rise.(Standard Industry Fare Level)(Brief Article)
Twice a year, the IRS announces the SIFL (Standard Industry Fare Level) rates that you can use to value employees' personal flights on company aircraft. The value of this fringe benefit is included and taxed as additional income to the employee.
Background. The IRS adopts the semiannual SIFL rates and terminal charge established by the Department of Transportation. These figures are used in a formula that incorporates flight mileage and an "aircraft multiple" based on the aircraft's weight and the employee's status (key or non-key).
Going up. After 18 months of steady decreases, the SIFL rates are on the rise again. The terminal charge that applies for the …
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- SIFL rates for valuing employees' personal flights continue to drop.(Standard...
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Newspaper article from: California Payroll Report
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Newspaper article from: California Payroll Report
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