Not surprisingly, the IRS has announced a mid-year increase in the Standard Mileage Rates, effective July 1, 2022. In recognition of significant gasoline price increases in recent months, the new rate is 62.5 cents per mile for all business miles driven from July 1, 2022, through Dec. 31, 2022. This represents an increase of 4 cents from the 58.5 cent rate that has been in effect since January 1, 2022. For employers, this also means that all business-related mileage driven by employees from July 1, 2011 through December 31, 2011 should be reimbursed at 62.5 cents per mile. Reprinted with permission from Scott & Whitehead. |
