The Internal Revenue Service has issued the 2006 standard mileage rate commonly used to reimburse employees for the business use of a vehicle. The new rate will be 44.5 cents per mile, beginning Jan. 1, 2006.
A rate of 40.5 cents per mile was in effect for the first eight months of 2005, but the IRS set a special milage rate of 48.5 cents per mile in September for the last four months of 2005. That special one-time adjustment was made in response to a spike in gasoline prices, which topped $3 a gallon in the weeks after Hurricane Katrina.
Join us this fall in San Francisco for the California Employment Law Update conference, a 3-day event that will teach you everything you need to know about new laws and regulations, and your compliance obligations, for the year ahead—it’s one-stop shopping at its best.
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