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IRS Raises Mileage Reimbursement Rate

The Internal Revenue Service has increased the business mileage reimbursement rate to 54.5 cents from 53.5 cents for 2018. The new rate will go into effect on Jan. 1.

IRS Reduces Mileage Reimbursement Rate

The Internal Revenue Service has reduced the business mileage reimbursement rate for one half of a cent to 53.5 cents from 54 cents. The new rate went into effect on Jan. 1.

IRS Drops Mileage Reimbursement Rate

The Internal Revenue Service has lowered the deductible mileage rate to 54 cents per mile for business miles in 2016 down from 57.5 cents in 2015, the agency has announced.

30 Reasons to Avoid Driver Reimbursement

A perennial question facing management is whether it makes business sense to provide company vehicles or to reimburse employees for the use of their personal vehicles. Some believe it will cost less, but the reality is different.

Tax Consequences Under Different Reimbursement Methods

As a general rule when considering total cost of ownership (TCO), employees with high-mileage needs should be provided with a company vehicle; those with low-mileage needs should have their job function reviewed to determine if personally owned vehicles (POVs) would produce the lowest TCO through a business reimbursement program.

IRS Lowers Mileage Reimbursement Rate

The Internal Revenue Service lowered the business mileage deduction by 0.5 cents to 56 cents per mile effective Jan. 1. The 2014 rate decreases the 2013 rate of 56.5 cents, which went into effect Jan. 1, 2013.

IRS to Focus on Auditing Fleets for Personal-Use Reporting & Compliance

Last August, the IRS announced areas it will prioritize for audits in 2014, one of which is fringe benefits, especially the personal use of company vehicles. Managing personal-use compliance is a headache. It is also expensive, with internal costs ranging from $35 to $75 per year per vehicle. Here's what you need to do to be prepared should your friendly IRS agent come knocking on your front door.