IRS Rev. Rul.: SIFL Rates, Terminal Charge for Flights Taken During First Half of 2022 (IRC §61)

The Standard Industry Fare Level (SIFL) rates and terminal charge for flights taken during first half of 2022 for valuing noncommercial flights on employer-provided aircraft and taxing value as fringe benefit released Mar. 18. The guidance contains three SIFL rates and three terminal charges to take into account Covid-19’s airline capacity reduction and the CARES Act airline aid known as the Payroll Support Program (PSP). The Department of Transportation provided two alternative methods to incorporate the PSP. One calculation adjusts the SIFL rates to account for PSP grants only while the other calculation adjusts the SIFL rates to account for ...