From time to time, we like to feature a question we have received. This time, the question is about whether a fixed and variable rate reimbursement (aka FAVR car allowance) is superior to a...
The IRS mileage rate was designed to be a tax deduction tool for individual taxpayers, but it has become the standard rate for business vehicle reimbursements. The results are costlier than you think.
A standardized mileage rate, such as the IRS rate, and employee-reported mileage both can make it hard to control costs while supporting employees sufficiently – here are three best practices to fix...
You don’t have to overpay to reimburse your employees – unless, that is, you’re paying the IRS standard mileage rate. With ease comes a price, but there are alternatives.
On December 29, the IRS released the 2023 federal mileage rate for business use. The exact amount of the increase is less important than how the federal mileage rate is used.
Businesses that use the IRS mileage rate to reimburse employees are using the wrong tool for the task. Let's look at three key reasons to avoid mileage reimbursement at the IRS business rate.
Effective July 1, the IRS has increased the standard business mileage rate for 2022 by 4 cents per mile to 62.5 cents per mile. Due to the inherent limitations of reimbursing with this mileage rate,...
It is often standard practice to reimburse vehicle expenses using the IRS business mileage rate. In the past, the IRS rate was often sufficient to comply even with California's strict labor laws....
If you provide a vehicle reimbursement to employees working in Illinois, gas tax increases could put your organization in a bind. The IRS business mileage rate cannot guarantee compliance with the...
