Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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IRS Increases 2024 Standard Mileage Rates
Dec 19, 2023, 06:00
by
Anne Newhouse
The Internal Revenue Service (IRS) has released Notice 2024-08
providing the 2024 standard mileage rates. Beginning January 1, 2024,
the standard mileage rates for the use of a car (van, pickup or panel
truck) will be:
- 67 cents per mile driven for business, up from 65.5 cents in 2023
- 21 cents per mile driven for medical or moving purposes, a decrease of 1 cent from 2023
- 14 cents per mile driven in service of charitable organizations, unchanged from 2023
Beginning January 1, 2024:
- A taxpayer must use 27 cents per mile as the portion of the business standard mileage rate treated as depreciation.
- $62,000 is maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan.
- For employer-provided vehicles, employers may use the fleet-average valuation rule or the vehicle cents-per-mile valuation rule. $62,000 is the maximum fair market value (FMV) of cars, trucks and vans first made available to employees for personal use (up from $60,800 in 2023).