The IRS has released (Internal Revenue Bulletin 2021-42) the Standard Industry Fare Level (SIFL) rates for flights taken during the second half of 2021 (7/1/21-12/31/21). These rates are used in determining amounts added to employee W-2s for personal use of company aircraft. These rates are adjusted based on aircraft weight and whether the employee is a "control employee" as follows:
Maximum Certified Takeoff Aircraft Multiple for a Aircraft Multiple for a
Weight of the Aircraft Control Employee Non-Control Employee
6,000 lbs. or less 62.5 percent 15.6 percent
6,001-10,000 lbs. 125 percent 23.4 percent
10,001-25,000 lbs. 300 percent 31.3 percent
25,001 lbs. or more 400 percent 31.3 percent
The rates:
Period During Which
the Flight is Taken Terminal Charge SIFL Mileage Rates
7/1/21-12/31/21 $81.43 Up to 500 miles = $.4455 per mile
501-1500 miles = $.3396 per mile
Over 1500 miles = $.3265 per mile
Please contact an Eide Bailly tax professional for more information.