IRS Standard Mileage Reimbursement Rate Increases

The Internal Revenue Service has issued its 2015 optional standard mileage rates. Effective January 1st, 2015, the IRS standard rate will be 57.5 cents per mile driven for business purposes (an increase of one-and-a-half cents from the 2014 rate of 56 cents per mile). Use of this rate is optional, though it is widely seen by employers as a simple way to determine a standard rate for calculating mileage reimbursement for employees who use their personal vehicle for business purposes. If your organization uses the IRS rate to calculate mileage reimbursement, be sure to update your systems to account for this change.