With the increase in gasoline and diesel prices at the pump, the I.R.S. has been under intense pressure to adjust the Standard Mileage Rate with which businesses may reimburse employees for travel in their personal vehicle for use in the employer’s business.
The I.R.S. has just announced that on or after July 1, 2022, a rate of $ 0.625/mile may be used to compensate employees for business travel in their personal vehicles. Medical travel may be claimed at a rate of $ 0.22/mile. These rates are increased from the existing rates of $ 0.585 and $ 0.18, respectively.
Mark H. Misselbeck, C.P.A., M.S.T. is a Tax Principal at Katz, Nannis + Solomon, P.C. If you have any questions or would like to speak with one of our tax professionals, please contact our office at 781-453-8700.