IRS Updates Optional Standard Mileage Rates (IR-2011-69; Ann. 2011-40)

The IRS has updated the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel.

The revised standard mileage rates are 55.5 cents per mile for business use of an automobile and 23.5 cents for use of an automobile as a medical or moving expense. The mileage rate for use of an automobile as a charitable contribution is fixed by statute and remains 14 cents. The revised standard mileage rates apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes on or after July 1, 2011, and to mileage allowances that are paid both (1) to an employee on or after July 1, 2011, and (2) for transportation expenses an employee pays or incurs on or after July 1, 2011.

IR-2011-69,

2011FED ¶46,404

Announcement 2011-40, 2011FED ¶46,405

Other References:

Code Sec. 61

CCH Reference – 2011FED ¶1090.11

CCH Reference – 2011FED ¶1201.24

CCH Reference – 2011FED ¶5907.0325

Code Sec. 62

CCH Reference – 2011FED ¶6006.0324

Code Sec. 162

CCH Reference – 2011FED ¶8590.021

CCH Reference – 2011FED ¶8590.55

Code Sec. 170

CCH Reference – 2011FED ¶11,620.029

CCH Reference – 2011FED ¶11,620.6744

Code Sec. 213

CCH Reference – 2011FED ¶12,543.82

Code Sec. 217

CCH Reference – 2011FED ¶12,623.021

CCH Reference – 2011FED ¶12,623.11

Code Sec. 274

CCH Reference – 2010FED ¶14,417.043

CCH Reference – 2011FED ¶14,417.045

CCH Reference – 2011FED ¶14,417.046

CCH Reference – 2011FED ¶14,417.047

CCH Reference – 2011FED ¶14,417.048

CCH Reference – 2011FED ¶14,417.05

CCH Reference – 2011FED ¶14,417.051

CCH Reference – 2011FED ¶14,417.052

CCH Reference – 2011FED ¶14,417.053

CCH Reference – 2011FED ¶14,417.50

Code Sec. 1016

CCH Reference – 2011FED ¶29,412.385

Tax Research Consultant

CCH Reference – TRC INDIV: 36,164

CCH Reference – TRC INDIV: 39,106.10

CCH Reference – TRC INDIV: 42,158

CCH Reference – TRC INDIV: 51,056.15

CCH Reference – TRC BUSEXP: 24,506.05

CCH Reference – TRC BUSEXP: 24,506.10

CCH Reference – TRC BUSEXP: 24,510

CCH Reference – TRC BUSEXP: 24,906.25

CCH Reference – TRC BUSEXP: 24,912.10

CCH Reference – TRC DEPR: 3,252.15

CCH Reference –

TRC FARM: 9,074

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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