2016 Mileage Reimbursement Rate
IRS sets the 2016 standard mileage rate at 54 cents.
The Internal Revenue Service has announced the standard mileage reimbursement rate has decreased by three and one half cents, from 57.5 cents in 2015 to 54 cents per mile effective January 1, 2016. Accordingly, Southwestern University’s standard mileage rate will also be 54 cents per mile effective the same date. This rate applies to reimbursement for all approved travel in personally owned vehicles.
You can find an updated travel expense report with the 2016 mileage rate here.
Jennifer Martinka, CPA