Posted to the Accounting Website on Jan. 17, 2019
The IRS implemented new mileage reimbursement rates for the use of private vehicles for business-related travel. The new rates are effective for expenses incurred on or after January 1, 2019:
- The reimbursement rate for the use of a private automobile for university business travel increased from 54.5 cents per mile to 58 cents per mile.
- The reimbursement rate for driving an automobile in connection with a move or relocation will increase from 18 cent per mile to 20 cents per mile.
Note that reimbursements for moving-related expenses, including mileage, are considered taxable wage income as the result of a 2018 tax law change. The current mileage rates can always be found on the Travel Accounting website.