Regulatory

Due to the increase in the cost of gasoline since establishing the 2022 rates last year, the Internal Revenue Service is increasing mid-year the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses.  Effective July 1, 2022, the optional standard mileage rates will be 62.5 cents per mile for business transportation, and 22 cents per mile for travel relating to medical and moving transportation expenses. These increased mileage rates
Continue Reading Pain at the Pump: IRS Announces Mid-Year Adjustment of Business and Medical Mileage Rates