It may be what you believe but you would be wrong.
Use of a company owned or leased vehicle for substantiated business purposes is not taxable, but personal use of that vehicle is always taxable.
That is why as a corporate payroll manager, I had to gather quarterly mileage reports from anyone with a company owned or leased vehicle – total miles traveled - documented business miles traveled = the difference was imputed income, reported as Box 1 wages on their W2 and taxes withheld and remitted including the employer’s share of FICA.
As to the apartment, if a company owns an apartment that multiple executives use occasionally for overnight stays when they are traveling say from their home office (and by home office, I don’t mean their personal home, but the office out which they normally work) to another of the company’s offices for work travel, that use would not typically be taxable, not any different from reimbursing for a hotel stays for business travel. But an apartment used exclusively by an executive either as a primary or secondary residence, is always taxable income.
FYI – over 30 years in corporate payroll and payroll tax compliance.
Primary residence, yes. If it functions as your actual home, yes. But if the company requires you to use it for the company’s convenience? Not something I faced as a tax preparer because most of my clients made less than 50K.
It is certainly possible that this guy was cheating. It happens. It is certainly possible Trump turned a blind eye. That happens often too. But this level or investigation and prosecution for this level of wrong doing is unheard of, except for Al Capone.
Primary residence, yes. If it functions as your actual home, yes. But if the company requires you to use it for the company’s convenience? Not something I faced as a tax preparer because most of my clients made less than 50K.
It is certainly possible that this guy was cheating. It happens. It is certainly possible Trump turned a blind eye. That happens often too. But this level or investigation and prosecution for this level of wrong doing is unheard of, except for Al Capone.