mileage reimbursement increase

AnneHa

We were just notified that the IRS has increased mileage allowances for the period Sept. 1 - Dec. 31, 2005 from 40.5 to 48.5. We are adjusting our reimbursements to reflect that rate.
The full Rev. Proc 2005-99 is located at:

[url]http://www.irs.gov/newsroom/article/0,,id=131232,00.html[/url]

Anne in Ohio

swbpr

Are you saying that is what your company reimburses for mileage, 40.5 cents?

AnneHa

What I didn't say very clearly, is that we are adjusting our reimbursement rate. Effective Sept. 1, mileage expenses will be paid at 48.5 cents per mile.

Anne in Ohio

Open1

We're also increasing ours to 48.5 effective 9/10/05 (start of a pay period).

HRCalico

Anne, you're having a rough day! x;-) The link you provided is for the old increase. The link for this new increase is below.

It doesn't seem to allow the whole link to be clickable, so please copy it all the way through .html and paste it into your browser. Or go to [url]http://www.IRS.gov[/url] and search for IR-2005-99.

[url]http://www.irs.gov/newsroom/article/0,,id=147423,00.html[/url]

HRLASS

As an additional comment, when I read the notice in the legal news, they noted that the reason for the increase, effective for the last four months of 2005, is due to gas price increases. It was also noted that the mileage reimbursement rate for 2006 won't be set until as close to Jan 1, 2006 as possible as they are hoping that the cost of gas will have dropped back down more by that time and the mileage rate may therefore decrease again in January.

LivindonSouth

We were notified today that ours increases to the new figure effective this date. When we complete an expense report, so much of it is already loaded, including this figure in the calculation mechanism. So, any travel since the last report was submitted will calculate at 48.5.