IRS Increases Standard Mileage Rates Mid-Year
The IRS announced it will increase the standard mileage rate to 62.5 cents per mile for business activities, a 4 cent increase from the earlier in the year, beginning on July 1, 2022. It will increase the standard mileage rate for moving and medical to 22 cents per mile, which is also a 4 cent […]
Employer-Provided Transit Benefit for Employees
In 2014, taxpayers were allowed $130 per month in employer-provided transit and vanpooling benefits under Code Sec. 132(f)(2)(A). The Tax Increase Prevention Act of 2014 retroactively changed the monthly exclusion from $130 to $250. The new rate applies to the entirety of 2014 and will force employers to act quickly to make adjustments to 2014 […]
