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Message
re: Tax Question regarding Vehicle Allowance
Posted on 3/19/15 at 8:42 am to LSU1018
Posted on 3/19/15 at 8:42 am to LSU1018
quote:
I thought that as an employee, the allowance should go on the W-2.
Yes, that's how it's supposed to be. In real life, most companies do a 1099. Most companies don't share this information with their payroll providers.
1
Posted on 3/19/15 at 3:49 pm to LSUFanHouston
This is one of those situations where the cost of administering the policy exceeds the benefit of doing so. Instead of strictly complying with the law and regulations businesses achieve the exact same result with less hassle by reporting the allowance on a 1099-Misc instead of on a W-2. It is a great example of substantial compliance instead of strict compliance.
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