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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29919
Experience:  Taxes, Immigration, Labor Relations
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My boss, VP of the Corporation, charges almost all of his

Resolved Question:

My boss, VP of the Corporation, charges almost all of his meals to the company. Also has the company make the payments on his private vehicle. He also has autos insured on the company's policy that do not belong to the company. Tax wise, how do I handle this? I'm the bookkeeper.
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

I advise you to talk with your boss before taking any actions.


Generally - all these are forms of pay for the performance of services - or fringe benefits.

Any fringe benefit the company provides is taxable and must be included in the recipient's pay unless the law specifically excludes it.

For situations when a specific fringe benefit may be considered as not taxable - see IRS publication 15B -


Based on your information - I do not see any reason for these fringe benefits to be treated as not taxable.

Because the recipient in your case is an employee, the benefit is subject to employment taxes and must be reported on Form W-2, Wage and Tax Statement.


You will find more details in the publication referenced above.

Let me know if you need any help


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