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Industry Alerts

IRS Increases Mileage Rate to 55.5 Cents per Mile

Jun 28, 2011

In response to higher fuel prices, the IRS has increased the optional standard mileage rates for the last six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all business miles effective July 1, 2011 through Dec. 31, 2011.

 

This was my first time working with auditors and I was bracing for a tough audit and tax experience, but Jim Larson and his engagement team of Bob Maleta and Hang Hoang were very patient, kind and accommodating in breaking down their complex questions into layperson’s terms I could understand.

Carol |  Binstock
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