The Internal Revenue Service released the standard mileage rates for 2023 in a notice released Dec. 29.
The standard mileage rate in 2023 will be 65.5 cents per mile, up from 62.5 cents per mile, the IRS said in Notice 2023-03.
The rate for medical or moving purposes in 2023 will remain 22 cents per mile, the IRS said. In June, IRS raised the rate to 22 cents from 18 cents. Under the Tax Cuts and Jobs Act (Pub. L. 115-97), employer-paid moving expenses are taxable wages for most employees from Jan. 1, 2018, to Dec. 31, ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.