Using CarFAX to reconstruct Business Vehicle Mileage Logs

This webinar is part of our half and half month of Representation. We are running our September/October Representation webinar series half in September and half in October to not conflict with the filing deadlines.

The IRS frequently will request Business Mileage Logs during Sch C Exams.

IRS recommends contemporaneous miles logs but does NOT require them.

AUDIT - For tax purposes, the IRS requires Adequate Records to show business use and personal use of automobiles (Listed Property). Using third-party information available from CarFAX, Business Mileage Logs can be r created and supplemented by appointment books and calendars to generate a WRITTEN mileage log which the IRS will accept. This webinar illustrates the methodology used to recreate Business Mileage Logs using CarFAX. CarFAX can be used to recreate Business Mileage Logs as well as verify current business mileage of vehicles during Tax Preparation.

OIC - Another use of CarFAX data is the verification of vehicle value total vehicle
miles and annual operating costs based on miles driven per year. This webinar demonstrates the use of CarFAX to recreate Business Mileage Logs. The key point is that business miles claimed must be equal to or LESS THAN total vehicle miles per year.

1 IRS CE/1 NASBA CPE*

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*Self-Study recording not available for NASBA CPE credit.