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Thursday, June 23, 2011

Standard Mileage Rate Increase


WASHINGTON, D.C. (JUNE 23, 2011)

BY ACCOUNTING TODAY STAFF




The Internal Revenue Service has increased the optional standard mileage rates for the final six months of 2011, in response to higher fuel prices.


http://www.accountingtoday.com/news/IRS-Standard-Mileage-Rate-Increase-Gas-Prices-58899-1.html

1 comment:

Gene Prescott said...

Since there is a 'lag' between actual prices and the time they are reflected in the rate, the allowance is being increased concurrently with gas prices decreasing. Some states, such as NC, have a tax increase starting July 1, 2011, which will partially mitigate the price at the pump.