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The IRS increased the standard mileage rates to 51 cents per mile for operating a personal vehicle for business purposes this year. 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 is now 48 cents per mile.
The IRS increased moving expense rates to 19 cents per mile this year, compared to 16.5 cents per mile in 2010. The university now reimburses 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.