Employers should ensure that they properly account for the rate increase beginning July 1, 2022. Midyear increases in the optional mileage rates are uncommon, and last occurred in 2011. Employers continue to have the option to use other methods that calculate the actual costs of using their vehicle rather than using the standard mileage rates. This rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage. The optional business standard mileage rate is used to compute the deductible costs of operating an automobile for business use in lieu of tracking actual costs. The standard mileage rate is a national average rate, which takes into account a variety of factors including fuel costs, depreciation and insurance and other fixed and variable costs. We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.” In the IRS’ press release, IRS Commissioner Chuck Rettig noted: “The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices. Did you know the IRS allows you to write off business miles on taxes This means if your employees often travel using their vehicles for business purposes. The old rate of 58.5 cents per mile will remain in effective through June 30, 2022. The new rate will be effective for traveling beginning on July 1, 2022, through December 31, 2022. On June 9, 2022, the Internal Revenue Service issued Announcement 2022-13, increasing the optional standard mileage rate for the final six months of 2022 from 58.5 cents per mile to 62.5 cents per mile. Littler Inclusion, Equity and Diversity Playbook. Littler Investigation Toolkit for Employers.We’re ready for your tomorrow – because we’re built for it.Internal Revenue Service for the first mile of travel. Global Workplace Transformation Initiative The Parties agree that all full-time and part-time employees who are required to use their private vehicles for State business shall be reimbursed for all miles incurred at the maximum rate then allowable by the U.S.General Data Protection Regulation (GDPR).
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |