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There are a number of reasons why driver reimbursement continues to be the wrong choice for commercial fleets, ranging from HR issues, safety concerns, liability exposure, corporate image, and tax consequences to employees.
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If personal use of a company vehicle is allowed, then you are responsible to ensure company compliance with IRS regs and to avoid tax problems associated with unreported personal miles. The reason for this admonition is that more companies are being audited for inadequate recordkeeping of business use.
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The dramatic spike in the price of fuel has increased the cost of allowing personal use of company-provided vehicles. A growing number of companies now question whether they charge employees enough for personal use to offset the increased cost of fuel.
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Examined are the implications of the Sarbanes-Oxley Act on fleet incentive monies that are not capitalized into the cost of a vehicle, the sale of out-of-service vehicles to employees, and process controls for decentralized fleets.
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The forecast is for commercial fleets to purchase a comparable number of vehicles in 2007 as they did in the preceding model-year. The high price of fuel is impacting selectors, as are concerns about rising fleet fixed costs.
Read More →Jim Frank, president of Wheels Inc., co-sponsor of AF’s 2006 Fleet Manager of the Year Award, contends downtime, safety, and employee retention can be quantified and intelligent choices can be based.
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