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The IRS recently announced that the standard mileage rates for operating a personal vehicle for business purposes will increase beginning Jan. 1. The IRS standard mileage rate will be 51 cents per mile for business travel in 2011 compared to 50 cents per mile in 2010 and the rate for moving travel will be 19 cents per mile. The IRS rate is based on an annual study of the fixed and variable costs of operating an automobile.
The University of Missouri follows the state of Missouri’s practice of reimbursement for business transportation expenses at a mileage rate that is 3 cents less than the IRS standard mileage rate. Therefore, the university’s mileage reimbursement rate for business miles driven will change to 48 cents per mile effective Jan. 1, up from 47 cents in 2010.
In addition, the IRS announced new rates for moving expenses of 19 cents per mile beginning Jan. 1, compared to 16.5 cents per mile in 2010. Effective Jan. 1, the university will reimburse at a rate of 16 cents per mile driven for moving purposes, 3 cents less than the IRS rate of 19 cents per mile.
Please contact accounting services at 341-4189 with any questions.