IRS Increases Mileage Rate Effective July 1, 2022
On June 9, 2022, the IRS announced that, due to the increased gas prices, the standard mileage rate will increase by 4 cents for the remaining of 2022. The rate for business travel will now be 62.5 cents per mile starting July 1, 2022, through December 31, 2022.
Employers that utilize the IRS mileage rate should update their mileage reimbursement forms to reflect the rate change. If you would like to read in-depth details about the increase, you can read the IRS announcement by clicking on the following link: https://www.irs.gov/pub/irs-drop/a-22-13.pdf.
If you have any questions regarding the increased mileage rate, please contact the experts at Young, Cohen & Durrett, LLP at (916) 569-1700.