Good News! The U.S. Internal Revenue Service (IRS), in response to higher gas prices, has decided to raise the mileage reimbursement rate. The new rates went into effect on July 1, 2011 and will remain in place through the end of the calendar year. This means that relocating employees may be reimbursed at a higher rate for mileage driven as part of their transfers.
The business mileage reimbursement rate increased from $0.51 per mile to $0.555 per mile. Relocating employees can receive up to an additional $0.045 per mile for every mile driven. The portion of the mileage reimbursement for the [...] Read More