Monday, July 11, 2011

Businesses Got an Increase on Mileage Use

Recently, the IRS (Internal Revenue Services, Washington DC) announced an increase on the Mileage Rates of 55.5 cents per mile, a new rate that Americans can use during the remainder of the 2011.

On June 23rd, 2011, IRS released the Mileage Increase at their website;

"This year's increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices," said IRS Commissioner Doug Shulman. "We are taking this step so the reimbursement rate will be fair to taxpayers."

IRS stressed that, "The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51."

All business transactions where this new rate can be utilized must take the advantage. Employees who will request for reimbursement of mileage use must take note of this new rate. It covers from July 1st 2011 up to Dec 31st 2011.

When a new hire will relocate to a new location over 50 miles and will drive his / her vehicle, a mileage reimbursement may be possible. Please check with your Relocation Consultant / Advisor for the applicability of this new Rate.

Your comments will be appreciated. Please feel free to share them with us at any time.  

We invite you to join Us at our social media pages:

# # #

No comments:

Post a Comment