The IRS has announced new mileage rates for the remainder of 2008.

 

Medical and moving expenses: 27 cents (8 cent increase from the first six months of 2008)

 

Charitable: 14 cents (no change)

 

Standard Business: 58.5 cents (8 cent increase from the first six months of 2008)

 

With respect to any employee's mileage allowance, these rates apply to payments that are BOTH 1) paid on or after July 1, 2008, and 2) with respect to transportatin expenses paid or incurred by the employee on or after July 1, 2008. Therefore, advanced allowances paid before July 1, regardless if the transporation expense is incurred on or after July 1, are subject to the lower rates in effect before this change becomes effective.