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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 local geographic 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
*The Course Credit Map displays credit types offered by location and corresponding lists of eligible courses.
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Course Price:
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Free!
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Exam Price:
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$49.00
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