IRS Announces New Mileage Rate |
|
In News Release 2008-131, the IRS announced the optional business standard mileage rate at 55 cents beginning January 1, 2009. The rate had been 58.5 cents per mile for the period from July 1, 2008 through December 31, 2008.
A reimbursement to employees up to this rate for qualifying use of their own vehicles will meet the requirements of an accountable plan for reimbursement of employee business expenses.
Full details, including the requirements to use the standard mileage rate, are available in Revenue Procedure 2008-72.
|
|
|
Page Last Reviewed or Updated: December 01, 2008