The IRS just increased the standard mileage reimbursement rate. This is the default rate most companies use to pay employees for using their own cars for business. The new rate, effective July 1, 2011, is $0.55, which will remain in effect through December 31, 2011.
The IRS's new rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
The IRS announcement is here.
DGV
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