Mileage Reimbursement Rate Increases to 58.5 cents/mile
The Internal Revenue Service recently increased the standard mileage rates for the final six months of 2008. The rate increases to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008.
This somewhat unusual for the IRS to make this adjustment mid-year. However, according to the IRS press release announcing the new 2008 mileage reimbursement rates, "Rising gas prices are having a major impact on individual Americans. Given the increase in prices, the IRS is adjusting the standard mileage rates to better reflect the real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We want the reimbursement rate to be fair to taxpayers."
Human Resources | The Human Resource, January 8, 2009 2:02 am