USA: IRS Issued 2011 Optional Standard Mileage Rate

Effective January 1st 2011, the optional standard mileage rates use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes are the following:

• 51 cents per mile for business miles driven
• 19 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

Click the link to learn more about Revenue Procedure 2010-51 which explains more details regarding Standard Mileage Rates.

To read the complete announcement, go to IRS Issued Mileage Rates for 2011.

Perspectives:
It would be ideal for anyone who is involved in the reimbursement of mileage to update their records and Forms so that it will reflect the current rates when such request will take place in 2011.


When in doubt with the correct calculations in relation to your current situations or circumstances, please contact an experienced professional to assist you. 

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USA: 2010 Mileage Rates - IRS Announced

Yesterday, December 3rd 2009 - the US IRS (Internal Revenue Services) Announced the Optional 2010 Mileage Rates applicable costs of operating an automobile for business, charitable, medical or moving purposes.

50 cents per mile for business miles driven
16.5 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

The effectivity of above identified Mileage Rates will be January 1, 2010. Per IRS studies, compared to a year ago these rates for 2010 are lower because of lower transportation costs.

In order to read the actual announcement from US IRS, please click on the link - IRS Announced 2010 Mileage.

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USA - IRS Warning To Taxpayers About IRS Scammers

Today, the US Internal Revenue Service warned all Taxpayers in regards to IRS Scammers.

"Taxpayers to be on the lookout for a new wave of scams using the IRS name in identity theft e-mails, or phishing, that have circulated during the last two months. In May and June alone, taxpayers reported almost 700 separate phishing incidents to the IRS. In 2008 so far, taxpayers have reported about 1,600 phishing incidents to the IRS."

“Taxpayers should take steps to keep their personal information out of the hands of identity thieves,” said IRS Commissioner Doug Shulman. “That includes not falling for any of the phony e-mails or faxes now in circulation pretending to come from the IRS.”



How will this affect you? It is a matter of being vigilant and cautious on what information you are conforming to. You do not need to volunteer your personal information to anyone whom you do not know and aware of the transactions that is happening. Implement a validation process before you answer and provide anything.



Suggestion: Request the caller's name, company and telephone number as you will need to return the call as you are in the middle of something. Once you got the information, call back the number and speak with the person whose name was provided. You will be able to validate the caller's info and number whether it is real or not. Of course, you will need to do your best judgement and do your diligence.



Other alternative options are available at the IRS Website. To read the details about the latest IRS Memo - IR-2008-088, please click on the link Scammers Use e-Mail, Fax to Pose as IRS

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US IRS Announced An Increased Mileage Rate Effective July 1, 2008 (IR-2008-82, June 23, 2008)

The US IRS (Internal Revenue Service) announced on June 22, 2008 an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The above announcement is in support to taxpayers on the increased fuel costs, automobile costs for business and other purposes, including moving. Beginning July 1, 2008 through December 31, 2008, the new rates will be 58.5 cents per mile for business use, up from 50.5 cents, and 27 cents per mile for moving expenses, up from 19 cents.

This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70 The IRS usually adjusts the mileage rates once per year, but opted to do so this mid-year because the costs of fuel have increased dramatically in recent months.

To read in details please click on the link IRS Memo dated June 22nd 2008.