Now is a good time to begin thinking about the end of the current driver tax season. For clients on our Driver Tax Compliance Program, your Wheels Account Team is wrapping up the components of your profile, such as setting parameters, dates, what to do with non-reporters, etc. As they are completing this process, below are a few best practices to keep in mind:
Pull your data from the Mileage and Logging Dashboard within FleetView™. As part of Fleet Administration service, your Account Executive will send this information to you.
Review your data to ensure that both driver and vehicles included are as expected.
Think about when payroll will need your customized taxable benefit report. If you have opted for Wheels to deduct any personal use contribution, please send the file by October 21.
The Wheels Driver Tax Compliance program is specifically designed to simplify the annual process of calculating, tracking and reporting personal use/taxable benefit valuation. Wheels works directly with you to set up an automated program that ensures your company is in compliance with all applicable laws and procedures.
For questions about our Driver Tax Compliance Program or how the Mobile Assistant can help your drivers next year, please contact a member of your Wheels Account Team.
Wheels now offers Cost Per Mile (CPM) calculation. For 2021 only, the IRS is permitting vehicles that were previously on Annual Lease Value to move to CPM. However, moving forward only new vehicles will be eligible. If your vehicles qualify for CPM, there’s an opportunity for a driver’s taxable benefit to be less, which in turn saves money for the driver and creates lower payroll taxes for the fleet. Interested? Please reach out to your Fleet Consulting Manager today to discuss more.
Finding the right supplier for complex fleet management service contracts can be a tricky process. The traditional sourcing methods for commodities do not always produce the best results, especially if you are seeking long-term improvements in productivity or administration. Your sourcing process for a fleet management provider should be comprehensive and aligned with the specific needs of your company.
To help you source for the right fleet management provider, download the white paper today!