There are many options for vehicle reimbursement programs within the corporate travel industry. As demand for drivers on the road continues to increase, fleet managers and plan administrators are constantly evaluating programs that align with their company’s values and culture. … Read More
Risk Management for your Vehicle Reimbursement Program
Having drivers on the road brings an internal risk for all companies and drivers. There is always a chance a driver can be in an accident, the question is, what risk does my company have? It is essential to protect … Read More
Creating an HR Defensible Vehicle Reimbursement Program
Drivers often interpret their vehicle reimbursement program in two ways. They view their reimbursement program as an expense reimbursement or an employee benefit. As the job market becomes more competitive and demand for employees increases, it is crucial that drivers … Read More
Driver’s Want Choice!
Fixed and Variable Rate (FAVR) Program Brings Driver Choice The way of conducting business in the past 20 years has changed significantly due to Millennials and Generation Z entering the marketplace. One thing is for certain; everyone wants a choice … Read More
IRS Announces Increased Mileage Rates for Remainder of 2022
The Internal Revenue Service has announced increased mileage rates for the remainder of 2022 for use in calculating reimbursements: Rate in Cents Per Mile1/1 – 6/30/2022 Rate in Cents Per Mile7/1 – 12/31/2022 Business Use 58.5 62.5 Medical Use 18 … Read More
FAVR Plans Reduce Pain at the Pump
As we head into the busy summer driving season, one of the most talked-about topics in the vehicle reimbursement industry is the price drivers pay at the fuel pump. Fuel prices are rising more rapidly than we would typically see … Read More
What is a FAVR Vehicle Reimbursement Program?
What is a FAVR Program? A Fixed and Variable Rate (FAVR) Program is an IRS Approved, Non-Taxable Vehicle Reimbursement Program. This program provides drivers with a fair and equitable reimbursement with limited tax liability. First, the company chooses a benchmark … Read More
IRS Announces 2022 Mileage Rates
The Internal Revenue Service has announced new mileage rates for 2022 for use in calculating reimbursements or deductions for tax purposes: Business use: 58.5 cents a mile, up from 56 cents a mile in 2021 Medical use: 18 cents a … Read More
IRS Announces 2021 Mileage Rates
The Internal Revenue Service has announced new mileage rates for 2021 for use in calculating reimbursements or deductions for tax purposes: Business use: 56 cents a mile, down from 57.5 cents a mile in 2020 Medical use: 16 cents a … Read More
IRS Announces 2020 Mileage Rates
The Internal Revenue Service has announced new mileage rates for 2020 for use in calculating reimbursements or deductions for tax purposes: Business use: 57.5 cents a mile, down from 58 cents a mile in 2019 Medical use: 17 cents a … Read More