[OSSSA218] 2016 Allowed Mileage Rates Established By the IRS

[Pamella Johnson]

Good afternoon:

The IRS has announced the 2016 mileage rates. Details are found below in Notice 2016-01:

Issue Number:    N-2016-01

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Notice 2016-01<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTUxMjE3LjUyOTExODYxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE1MTIxNy41MjkxMTg2MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MDU5NTI3JmVtYWlsaWQ9Y2xhcmsubS5mbGV0Y2hlckBpcnMuZ292JnVzZXJpZD1jbGFyay5tLmZsZXRjaGVyQGlycy5nb3YmZmw9JmV4dHJhPU11bHRpdmFyaWF0ZUlkPSYmJg==&&&117&&&https://www.irs.gov/pub/irs-drop/n-16-01.pdf> provides the optional 2016 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.  This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan.

Notice 2016-01 will be in IRB 2016-02, dated January 11, 2016.


It is anticipated that the 2016 federal tax withholding charts will be available in early January. I forward that information as soon as it becomes available.

Thank you.

Pamella
Pamella Johnson
Oregon State Social Security Administration


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