IRS has made available the new Standard Industry Fare Level (SIFL) rates for the first half of 2012 (January 1 through June 30). The SIFL formula is used in certain instances to determine the value of a noncommercial flight for employment tax purposes.
- The terminal charge has increased to $44.88 (previously, $43.79).
- The rate for the first 500 miles of travel is now 24.55¢ per mile (previously, 23.95¢ per mile).
- The rate for miles 501 to 1,500 is now 18.72¢ per mile (previously, 18.26¢ per mile).
- The rate for miles traveled over 1,500 is now 18.00¢ per mile (previously, 17.56¢ per mile).
A complete list of the SIFL Fare Formulas (1979 to present) can be viewed at http://ostpxweb.dot.gov/aviation/domfares/siflb.pdf. Please contact us if we can be of any assistance.