My Company sent me a 1099 for a car under the IRS Fringe Benefits Guidelines but I paid them for the car?

My Company sent me a 1099 for a car under the IRS Fringe Benefits Guidelines but I paid them for the car. I need to know if they are correct! Here are the details



Accountants View (My 1099 was for $5292.00)

Car Cost Lease Value Month 10 of 12

$23,310.50 $6,350.00 $529.20 $5,292.00



My assessment of Car Value

KBB Value Lease Value Month 10 of 12

$7,465.00 $2,350.00 $195.83 $1,958.33



These are the payments that I made in 2007

3/30/2007 $198.81

4/13/2007 $198.81

4/30/2007 $198.81

5/15/2007 $198.81

5/31/2007 $298.81

6/15/2007 $298.81

6/29/2007 $198.81

7/13/2007 $198.81

7/31/2007 $198.81

8/3/2007 $198.81

8/15/2007 $198.81

Total Paid $2,386.91



These are the months that I did not pay

9/1/2007

10/1/2007

11/1/2007

12/1/2007



September through Year End with My Car Value

KBB Value Lease Value Month 4 of 12

$7,465.00 $2,350.00 $195.83 $783.33



September through Year End with Accountants Car Value

Cost Lease Value Month 4 of 12

$23,310.50 $6,350.00 $529.20 $2,116.80



Also this is from the IRS websites on determining the "Lease Value" of a car



Annual Lease Value



Generally, you figure the annual lease value of an automobile as follows.



1. Determine the fair market value (FMV) of the automobile on the first date it is available to any employee for personal use.

2. Using Table 3-1. Annual Lease Value Table, read down column (1) until you come to the dollar range within which the FMV of the automobile falls. Then read across to column (2) to find the annual lease value.



Table 3-1. Annual Lease Value Table

(1) Automobile FMV (2) Annual Lease

$0 to 999 $ 600

1,000 to 1,999 850

2,000 to 2,999 1,100

3,000 to 3,999 1,350

4,000 to 4,999 1,600

5,000 to 5,999 1,850

6,000 to 6,999 2,100

7,000 to 7,999 2,350

8,000 to 8,999 2,600

9,000 to 9,999 2,850

10,000 to 10,999 3,100

11,000 to 11,999 3,350

12,000 to 12,999 3,600

13,000 to 13,999 3,850

14,000 to 14,999 4,100

15,000 to 15,999 4,350

16,000 to 16,999 4,600

17,000 to 17,999 4,850

18,000 to 18,999 5,100

19,000 to 19,999 5,350

20,000 to 20,999 5,600

21,000 to 21,999 5,850

22,000 to 22,999 6,100

23,000 to 23,999 6,350

24,000 to 24,999 6,600

25,000 to 25,999 6,850

26,000 to 27,999 7,250

28,000 to 29,999 7,750

30,000 to 31,999 8,250

32,000 to 33,999 8,750

34,000 to 35,999 9,250

36,000 to 37,999 9,750

38,000 to 39,999 10,250

40,000 to 41,999 10,750

42,000 to 43,999 11,250

44,000 to 45,999 11,750

46,000 to 47,999 12,250

48,000 to 49,999 12,750

50,000 to 51,999 13,250

52,000 to 53,999 13,750

54,000 to 55,999 14,250

56,000 to 57,999 14,750

58,000 to 59,999 15,250



For automobiles with a FMV of more than $59,999, the annual lease value equals (.25 脳 the FMV of the automobile) + $500.

FMV. The FMV of an automobile is the amount a person would pay to buy it from a third party in an arm's-length transaction in the area in which the automobile is bought or leased. That amount includes all purchase expenses, such as sales tax and title fees.



If you have 20 or more automobiles, see Regulations section 1.61-21(d)(5)(v). If you and the employee own or lease the automobile together, see Regulations section 1.61-21(d)(2)(ii).



You do not have to include the value of a telephone or any specialized equipment added to, or carried in, the automobile if the equipment is necessary for your business. However, include the value of specialized equipment if the employee to whom the automobile is available uses the specialized equipment in a trade or business other than yours.



Neither the amount the employee considers to be the value of the benefit nor your cost for either buying or leasing the automobile determines its FMV.My Company sent me a 1099 for a car under the IRS Fringe Benefits Guidelines but I paid them for the car?
perhaps I'm talking through my a$$, but has it occurred to you this question is best answered by your own tax preparer?