The IRS has increased the standard mileage rate for business travel to 62.5 cents per mile when using a personal vehicle. "The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices," said IRS Commissioner Chuck Rettig. "We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.” The rate went into effect as of July 1st and will be in force until the end of the 2022 calendar year.
CWRU employees and students using personal vehicles for approved university business can request expense reimbursement at this rate. Remember that longer-distance car travel must not be at a higher cost basis than aggregate airfare/ground transportation costs to a destination unless there are exceptional circumstances. The rate IRS rate is formulated to compensate an individual for fuel, depreciation, and insurance costs. It is adjusted annually on January 1st and semi-annually if warranted by economic conditions.