IRS Increases Mileage Rate to 55.5 Cents per Mile | AccountingWEB

IRS Increases Mileage Rate to 55.5 Cents per Mile

In a move that many expected, the IRS announced today an increase in the mileage rate effective July 1st.  

This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.
 
The medical and moving rate will also increase to 23.5 cents.
 
The IRS normally updates mileage rates once a year in the fall for the next calendar year, but with recent increases in fuel prices decided to make this mid-year adjustment.
 
The announcement can be found at this link on the IRS website.

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by Scott Heintzelman - Scott is a CPA, CMA and CFE living in Pennsylvania. Scott is a partner serving on the executive team at McKonly & Asbury LLP, a regional accounting firm with multiple offices in the Mid-Atlantic. The firm has been an IPA ALL-STAR as well as winning Best Places to Work in Pennsylvania for numerous years.

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