IRS Announces Mid-Year Increase to 2022 Standard Mileage Rates (effective July 1, 2022)
On June 9, 2022 the Internal Revenue Service issued IR-2022-124. This IRS news release announced an increase in the OPTIONAL standard mileage rates for the final 6 months of 2022. These new rates become effective July 1, 2022.
What does this mean to your business?
- The rate for business miles will be 62.5 cents per mile, up 4 cents from the IRS rate set at the beginning of the year (January 1, 2022).
- 22 cents per mile driven for medical or moving purposes, up 4 cents from the IRS rate set at the beginning of the year (January 1, 2022).
- 14 cents per mile driven in service of charitable organizations (remains unchanged).
When entering mileage, an employee has the option of entering an odometer change, miles driven or can calculate the distance driven by using Google Maps directly from our application. When the miles driven are calculated by any of the above options, the rate set up for your company is multiplied automatically to provide you the total mileage amount.
How to update the mileage rates for your business?
The Company Owner or Admins can easily update the mileage rates on or after July 1, 2022, by following these 4 simple steps.
- Sign into TriNet Expense
- Go to Settings > Company Settings > Company Settings
- Enter the new mileage reimbursement rate (.625)
- Click “Save”
For further assistance, please contact Connect360@TriNet.com.