IRS Issue Mid-Year Mileage Rate Increase for 2023
On December 29, 2022, the Internal Revenue Service (IRS) announced the 2023 standard mileage rate. The increase began on January 1 and increased the rate from 62.5 cents per mile to 65.5 cents per mile. These rates apply to electric and hybrid-electric automobiles, as well as gasoline- and diesel-powered vehicles. Next Steps for Employers The IRS rate for mileage […]