IRS Mileage Rate Change Effective July 1st, 2011
Effective July 1, 2011 the IRS will increase the standard mileage rates for the balance of 2011.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
|
|
Old Rates, Cents/Mile |
New Rates, Cents/Mile |
|
Purpose |
1/1 – 6/30/11 |
7/1 – 12/31/11 |
|
Business |
51 |
55.5 |
|
Medical/Moving |
19 |
23.5 |
|
Charitable |
14 |
14 |
This change will affect employers who reimburse employees. Also this will affect individuals who have Schedule C’s, Employee Business Expenses and medical or moving mileage.
Should you have any questions, please contact your ShindelRock representative.