Business Standard Mileage Rate to Stay at 55.5¢ in 2012

The IRS has announced that the business standard mileage rate for transportation
expenses paid or incurred beginning January 1, 2012, will be 55.5 cents per mile,
unchanged from the rate in effect during the final six months of 2011.

The mileage rate may be used to compute the amount to reimburse employees
who are using their own cars for business purposes. It may also be used by employers
that elect to use the “cents-per-mile” valuation method for purposes of determining the
amount that needs to be imputed to an employee’s income for personal use of certain
company-owned or leased non-luxury vehicles