scorp- auto

[gman]

100% owner of s-corp

1 Can auto be owned by individual of corp?
2. If yes, the best way for reimb would be an accountable plan so
reimb would not be required to be included on w-2??

Thanks

[OldJack]

100% owner of s-corp

1 Can auto be owned by individual of corp?

Of course the auto can be owned by either individual or S-corp.

2. If yes, the best way for reimb would be an accountable plan so
reimb would not be required to be included on w-2??

If owned by individual, then reimburse on accountable plan for actual expenses or federal mileage rate. In both cases the individual must provide full documents of proof of who, what, where, when, and why.

If owned by the S-corp, then S-corp pays actual expenses plus depreciation at 100% business use with user employee adding personal use to W2 based upon IRS annual lease value table. There is actually two other ways with "limitations" and those are total reimbursement by the individual for personal use and W2 for personal mileage use but those options may not apply in many cases.

[Greenbriar]

S179 anf bonus depreciation

S corp is 100% owned by client who wants to buy new vehicle over 6,000 lbs before 12/31/09 and take advantage of $25,000 S179 plus bonus depreciation. I know he can buy it in his name but can the S corp take the S179 and bonus depreciation on the 1120S as if it was registered in corps name? Car is 100% business use. Thanks.