US
June 16, 2022
Sterling Lexicon received news of a recent IRS Announcement relaying an increase to IRS Mileage rates effective July 1st. It is rare for the IRS to issue a change in mileage rates mid-year; in fact, the last time the Internal Revenue Service (IRS) published a mileage rate increase mid-year was in 2011.
We describe below how to apply mileage rates for relocation reporting:
- 22₵ per mile is the formerly excludable amount (will still be excludable from State Taxable income in the states that did not conform with 2018 TCJA – AR, CA, HI, MA, NJ, NY & PA)
- 40.5₵ per mile is taxable for Federal and in all US States and territories
- 62.5₵ per mile is the new Total
For more information, please visit IRS News Release.
If you have any questions do not hesitate to contact your Sterling Lexicon experts.
Diana Soloway is Sterling Lexicon’s Global Sr. Marketing Specialist and has worked in Global Mobility/Supply Chain industry for 10 years. She has held positions in global mobility operations and marketing positions for global logistics and commercial moving. As a Third-Culture Kid, she had the opportunity to grow up in Istanbul and São Paulo for 5 and a half years collectively. She graduated from American University with a Business, Language and Culture Bachelor of Science degree. Her track language selection of Spanish afforded her the opportunity to study abroad and attend Universidad Pontificia Comillas, ICADE Business School.
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