HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 14_08/04/2008La u r, Betty
From: McWilliams, Lori
Sent: Tuesday, June 24, 2008 10:39 AM
~o: Forsythe, Jody; Gload, Michelle; Department Heads
c: Laur, Betty; Mayo, Deanna
Subject: FW: [Fwd: IR-2008-082: IRS Increases Mileage Rates through Dec. 31, 2008)
The IRS Mileage rates increase from 50.5 to 58.5 beginning 7/1/08.
See below information.
Lori
From: Karen Amenita [mailto:karena@hpjlaw.com]
Sent: Tuesday, June 24, 2008 10:25 AM
To: undisclosed-recipients
Subject: [Fwd: IR-2008-082: IRS Increases Mileage Rates through Dec. 31, 2008]
Clients and Colleagues -
FYI -
Please see an IRS update regarding an increase in the standard mileage rate beginning July 1, 2008 through Dec. 31, 2008 (IRS
Newswire Issue Number: IR-2008-082 dated June 23, 2008).
Most travel policies have been updated by Bonni to show mileage reimbursement at the rate published at the time the document was
mended/created including language that states: or the current IRS Standard Mileage Rate, whichever is greater.' Your policy
ill not need to be amended if it includes this language -but all administrators need to know that the rate has increased for mileage
reimbursement when the IRS rate is used.
Let us know if you have any questions.
-------- Original Message --------
Subject:IR-2008-082: IRS Increases Mileage Rates through Dec. 31, 2008
Date:Tue, 24 Jun 2008 08:45:12 -0500 (CDT)
From:lnternal Revenue Service (IRS) <irs service.govdeliverv.com>
To: karenat~hpjlaw. com
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IRS Increases Mileage Rates through Dec. 31, 2008
WASHINGTON -The Internal Revenue Service today announced an increase in the
optional standard mileage rates for the final six months of 2008. Taxpayers may use
'the optional standard rates to calculate the deductible costs of operating an
'automobile for business, charitable, medical or moving purposes.
The rate will increase to 58.5 cents a mile for all business miles driven from July 1,
2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent
rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
f In recognition of recent gasoline price increases, the IRS made this special
adjustment for the final months of 2008. The IRS normally updates the mileage rates
once a year in the fall for the next calendar year.
"Rising gas prices are having a major impact on individual Americans. Given the
increase in prices, the IRS is adjusting the standard mileage rates to better reflect the
real cost of operating an automobile," said IRS Commissioner Doug Shulman. "We
want the reimbursement rate to be fair to taxpayers."
While gasoline is a significant factor in the mileage figure, other items enter into the
calculation of mileage rates, such as depreciation and insurance and other fixed and
variable costs.
The optional business standard mileage rate is used to compute the deductible costs
of operating an automobile for business use in lieu of tracking actual costs. This rate is
also used as a benchmark by the federal government and many businesses to
reimburse their employees for mileage.
The new six-month rate for computing deductible medical or moving expenses will
also increase by eight (8) cents to 27 cents a mile, up from 19 cents for the first six
months of 2008. The rate for providing services for charitable organizations is set by
statute, not the IRS, and remains at 14 cents a mile.
The new rates are contained in Announcement 2008-63 on the optional standard
mileage rates.
Taxpayers always have the option of calculating the actual costs of using their vehicle
rather than using the standard mileage rates.
Mileage Rate Changes
Purpose ~ Rates 1/1 through 6/3.0108 i Rates 711 through 12!31/08
Business ~ 50.5 58.5
~---
Medical/Movmg 19 27 i
Charitable j 14 14
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~«~.~ta <karenaCc~hpilaw.com>
Legal Assistant to Bonni S. Jensen (bsiensenCcDhpilaw.com)
HANSON, PERRY & JENSEN, P.A.
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