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Fixed and Variable Rate (FAVR) Automobile Allowances
Course#: 38

Category: Special Topics

Field of Study: Specialized Knowledge and Applications

Audience: HR Managers, HR Generalists

Level of Difficulty: Intermediate

Delivery Method: Self-Study

Prerequisites: Some college level courses with moderate algebraic training

Advanced Preparation: None

Overview:
This course deals with one of the lesser known ways in which organizations can reimburse employees for the business use of their automobiles. This method provides a safe harbor that allows the organization to pay more than the statutory standard mileage rate. When driving conditions and costs are more than the standard mileage rates, a FAVR allowance may replace the standard mileage rate. This course describes the process of establishing a FAVR program and looks at alternative (and perhaps easier) methods of providing automobile allowances.

Learning Objectives:
  • Describe the advantages of the actual expense and standard mileage methods
  • Explain the key elements in creating an organization’s FAVR analysis
  • Detail the documentation and communication required by FAVR plans
  • Understand the appropriate IRS tax codes
Credit and Professional Continuing Education Information:

*The Course Credit Map displays credit types offered by location and corresponding lists of eligible courses.

Course Price:  Free!
Exam Price:  $24.95




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