How to process late submission of Personal Use Auto
We have an employee, our President. He has a company car that he also uses for personal use. We add taxable wages to his pay twice a year, November through April, then May through October.
It is always difficult to get him to submit the information to us, and this year seems more difficult. What are our options when an employee does not submit their personal use information to the payroll department by the time of the final pay check of the calendar year? I have looked online, but i haven't seen much.
What i have found is, we can only stretch November and December into the next year. we are doing this "payment" for May through October.
If that's the case, how would i handle his taxable income?
Any help would be greatly appreciated.