The 2011 Standard IRS Mileage Rate for the use of a car during the final trip from the origin location to the final destination is $0.19 per mile. Companies reimbursing mileage to employees on their final trip need to be aware of this difference from the standard business mileage reimbursement.
The standard business mileage reimbursement for 2011 is $0.51 per mile. This rate is up 1 cent from 2010 rates. This is a $0.32 sent difference from the moving mileage reimbursement.
Most companies include in their policy the reimbursement of miles driven at the standard business mileage rate. This practice is very common but during most audits by the IRS this is the one overlooked taxable expense that is missed during the taxable reimbursement reporting process.
For more information on our Relocation Tax Audit Service please give me a call or send me an email: 877-396-0132 or Andy@relocationbenefits.com
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3 comments:
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It is very important to know about taxes when you are going to rent or buy a place. Especially if you are doing it outside the country. When I travelled to Argentina last years, I wanted to rent apartments in buenos aires but I did not know a thing about taxes and their IRS. What I first did was to call a rental company and let them advise me on taxes. I was lucky they did all the paperwork for me because I was lost; I would not have been able to do anything without their help!
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