SIFLStandard Industry Fare Level (Civil Aeronautics Board)
SIFLSave It for Later
SIFLShanghai International Football League (China)
SIFLShibuya Institute of Foreign Languages (Japan)
SIFLSelf Inflicted Frontal Lobotomy
References in periodicals archive ?
In that case, the taxpayer had used the special SIFL valuation rules applicable to flights on noncommercial aircraft under Treas.
The use of SIFL valuation guidelines was announced in some detail in a Senate Finance Committee report (152) accompanying 1985 legislation principally concerned with eliminating a requirement of contemporaneous recordkeeping of business automobile usage.
The SIFL rates and the terminal charge are calculated by the Department of Transportation and revised semi-annually.
61-21(b) and (g), an employee must recognize income to the extent of a trip's FMV or a value computed using the SIFL guidelines.
61-21(g) (known as the Standard Industry Fare Level or SIFL rules) to determine the value of the executives' entertainment trips.
15) Thus, since the applicable SIFL valuation rule resulted in substantially less income to the employee than would result under the general valuation rule for charter flights, the employer's allowable deduction, according to the IRS's litigating position, was substantially less than its cost.
Thus, the mismatch of income inclusion versus deductible expense previously enjoyed by taxpayers using SIFL to value personal use may be a thing of the past.
In virtually every instance involving the use of corporate jets, this working condition fringe safe harbor for security-related travel reduces the valuation of personal trips on the corporate jet from 400 percent of the SIFL rates to 200 percent.
In general, the value of personal flights taxable to employees using SIFL does not correspond with the employer's actual costs of providing the flights.
14) The SIFL rate is multiplied by an "aircraft multiple" based on an airplane's weight and whether the employee is classified as a control employee, or a non-control employee, and a terminal charge is added.