If mileage is being reimbursed according to the mileage rate, it is important to maintain records that include the date of the trip, reason for the trip, and the mileage. If reimbursement is based on actual usage, a log should be kept of all travel mileage, including non-business travel,...
The business mileage reimbursement rate for 2021 will decrease 1.5 cents to 56 cents on Jan. 1, 2021, after declining the same amount in 2020, the Internal Revenue Service announced. For 2021, the agency also decreased the rate for medical or moving purposes for qualified active-duty members ...
Notice 2022-03 also provides the maximum standard automobile cost under a fixed-and-variable-rate (FAVR) plan of $56,100 for automobiles (including trucks and vans), up $5,000 from 2021. Under a FAVR plan, a standard amount is deemed substantiated for an employer's reimbursement to emplo...
The optional standard mileage rates for business use of a vehicle will decrease once again in 2021 after increasing significantly in 2019, the IRS announced inNotice 2021-02. For business use of a car, van, pickup truck, or panel truck, the rate for 2021 will be 56 cents per mile after...
2016 Privately Owned Vehicle (POV) Mileage Reimbursement Rates; 2016 Standard Mileage Rate for Moving PurposesAlexander J. Kurien
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2018 Privately Owned Vehicle (POV) Mileage Reimbursement Rates; 2018 Standard Mileage Rate for Moving PurposesGiancarlo Brizzi
2017 Privately Owned Vehicle (POV) Mileage Reimbursement Rates; 2017 Standard Mileage Rate for Moving PurposesTroy Cribb