IRS Issues Standard Mileage Rates for 2016
By Mary Ellen Schill
December 21, 2015
Falling gasoline prices have finally gotten the attention of the IRS! Late last week the IRS issued the standard mileage rates for determining the deductible cost for operating automobiles for various purposes (business, medical, charitable) beginning January 1, 2016. Details can be found here. Of most interest to employers, the mileage rate for business mileage has been reduced from 57.5 cents per mile, to 54 cents.
What this all means is that employers that base employee reimbursements on the standard mileage rate will save a little money next year per mile. Make sure your payroll department is updated with the new rate!
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