My Company sent me a 1099 for a vehicle underneath a IRS Fringe Benefits Guidelines though we paid them for a car. we need to know if they have been correct! Here have been a details

Accountants View(My 1099 was for 92.00)
Car Cost Lease Value Month 10 of 12
,310.50 ,350.00 9.20 ,292.00

My comment of Car Value
KBB Value Lease Value Month10 of 12
,465.00 ,350.00 5.83 ,958.33

These have been a payments that we done in 2007
3/30/2007 8.81
4/13/2007 8.81
4/30/2007 8.81
5/15/2007 8.81
5/31/2007 8.81
6/15/2007 8.81
6/29/2007 8.81
7/13/2007 8.81
7/31/2007 8.81
8/3/2007 8.81
8/15/2007 8.81
Total Paid ,386.91

These have been a months that we did not pay
9/1/2007
10/1/2007
11/1/2007
12/1/2007

September by Year End with My Car Value
KBB Value Lease Value Month4 of 12
,465.00 ,350.00 5.83 3.33

September by Year End with Accountants Car Value
Cost Lease Value Month 4 of 12
,310.50 ,350.00 9.20 ,116.80

Also this is from a IRS websites upon last a "Lease Value" of a car

Annual Lease Value

Generally, we figure a annual franchise worth of an vehicle as follows.

1. Determine a satisfactory marketplace worth (FMV) of a vehicle upon a initial date it is accessible to any worker for personal use.
2. Using Table 3-1. Annual Lease Value Table, review down mainstay (1) until we come to a dollar operation inside of that a FMV of a vehicle falls. Then review opposite to mainstay (2) to find a annual franchise value.

Table 3-1. Annual Lease Value Table
(1) Automobile FMV (2) Annual Lease
{content} to 999 $ 600
1,000 to 1,999 850
2,000 to 2,999 1,100
3,000 to 3,999 1,350
4,000 to 4,999 1,600
5,000 to 5,999 1,850
6,000 to 6,999 2,100
7,000 to 7,999 2,350
8,000 to 8,999 2,600
9,000 to 9,999 2,850
10,000 to 10,999 3,100
11,000 to 11,999 3,350
12,000 to 12,999 3,600
13,000 to 13,999 3,850
14,000 to 14,999 4,100
15,000 to 15,999 4,350
16,000 to 16,999 4,600
17,000 to 17,999 4,850
18,000 to 18,999 5,100
19,000 to 19,999 5,350
20,000 to 20,999 5,600
21,000 to 21,999 5,850
22,000 to 22,999 6,100
23,000 to 23,999 6,350
24,000 to 24,999 6,600
25,000 to 25,999 6,850
26,000 to 27,999 7,250
28,000 to 29,999 7,750
30,000 to 31,999 8,250
32,000 to 33,999 8,750
34,000 to 35,999 9,250
36,000 to 37,999 9,750
38,000 to 39,999 10,250
40,000 to 41,999 10,750
42,000 to 43,999 11,250
44,000 to 45,999 11,750
46,000 to 47,999 12,250
48,000 to 49,999 12,750
50,000 to 51,999 13,250
52,000 to 53,999 13,750
54,000 to 55,999 14,250
56,000 to 57,999 14,750
58,000 to 59,999 15,250

For automobiles with a FMV of some-more than ,999, a annual franchise worth equals (.25 × a FMV of a automobile) + 0.
FMV. The FMV of an vehicle is a volume a chairman would compensate to buy it from a third celebration in an arm’s-length contract in a area in that a vehicle is paid for or leased. That volume includes all squeeze expenses, such as sales taxation as well as pretension fees.

If we have twenty or some-more automobiles, see Regulations territory 1.61-21(d)(5)(v). If we as well as a worker own or franchise a vehicle together, see Regulations territory 1.61-21(d)(2)(ii).

You do not have to embody a worth of a write or any specialized apparatus combined to, or carried in, a vehicle if a apparatus is required for your business. However, embody a worth of specialized apparatus if a worker to whom a vehicle is accessible uses a specialized apparatus in a traffic or commercial operation alternative than yours.

Neither a volume a worker considers to be a worth of a good nor your price for possibly shopping or leasing a vehicle determines the FMV.

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