IRS Gives Employers a Small Gift this Holiday Season

The IRS is adjusting the standard-mileage-reimbursement rate for 2010…DOWN to 50 cents per mile (presently 55 cents). The mileage rate for 2010 reflects lower transportation costs compared to a year ago. Employers who use an amount at or below the IRS rate eliminate the need to maintain extensive records in order to exclude the reimbursement from employees’ taxable income.  Of course, employers should always require employees to provide proof of adequate liability insurance.  IRS_logo

2017-03-14T14:46:38+00:00