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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.

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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.

IRS to Increase Standard Mileage Rates

WASHINGTON – The IRS is increasing the optional standard mileage rates for operating an automobile for business purposes for the last half of 2011.

IRS Announces 2010 Standard Mileage Rates

WASHINGTON - The new rates for business, medical, and moving purposes are slightly lower than last year's, reflecting generally lower transportation costs compared to a year ago.

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