Based on your organization's budget and objective, Everlance can help you customize a vehicle mileage reimbursement program that helps design reimbursement rates that are an attractive job benefit while reducing cost and risk. See the three different types of programs we offer below.
What is a FAVR program?
A FAVR vehicle reimbursement program tailors employee mileage reimbursements based on their geographic location and a base vehicle chosen by the employer (considering the vehicle types/models employees might drive to perform business tasks).
Click here to see the most commonly asked FAVR questions.
What is a Cents-per-Mile (CPM) Program?
A cent-per-mile program, often referred to as a "CPM" program, is a method used by some companies to calculate and reimburse individuals for their travel expenses based on the number of miles traveled.
A cent-per-mile program is popular because it simplifies the reimbursement process and provides a straightforward and equitable way of compensating employees for their business-related travel expenses.
Click here for some of the most commonly asked questions about the CPM program.
What is an TAAP Program?
A TAAP Program is designed to give employees reimbursements for work-related expenses, such as driving their personal car for work. Mileage reimbursement can be calculated in different ways, by using the IRS Standard Mileage Rate, a personalized rate, or a mix between fixed and variable rates (these won't depend on location or a program's base vehicle, unlike FAVR programs).
Employees should submit their work-related expenses, including mileage logs, within their company's submission schedule. If the reimbursement rate is higher than the IRS Standard Mileage Rate, Everlance calculates the excess amount as taxable income.
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