Tax Alert: IRS Adjusts Standard Mileage Rate
12/07/2009
The IRS announced on December 3 a decrease in the standard mileage rate used for calculating the deductible costs of operating an automobile. The table below reflects the current mileage rates for business, medical/moving and charitable related driving (last adjusted as of January 1, 2009) along with the rates that become effective on January 1, 2010.
|
Purpose
|
Current
|
1/1/10
|
| Business |
55 cents |
50 cents |
| Medical/Moving |
24 cents |
16.5 cents |
| Charitable |
14 cents |
14 cents |
Please contact Neil Becourtney, CPA, Partner, or your J.H. Cohn professional at 877-704-3500 with any questions.
Neil Becourtney, CPA, is a tax partner at J.H. Cohn, where he maintains a concentration in tax advisory services. He has developed an expertise in handling tax controversy matters, regularly representing clients facing tax examinations by the Internal Revenue Service as well as state taxing authorities. A frequent public speaker, author, and media resource, Neil graduated from the State University of New York at Albany and obtained a Master of Science degree in taxation from Pace University. He may be reached via email or at 877-704-3500.
Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing or recommending to another party any tax related matters.