New Mileage Rate effective Jan. 1

The IRS has announced that the business standard mileage rate for transportation expenses paid or incurred beginning Jan. 1, 2014, will be 56 cents per mile, down one half cent from the 56.5 cents rate in effect during 2013 [Notice 2013-80, released 12-6-13]. Please make sure any mileage reimbursements for travel beginning Jan. 1, 2014 are calculated at the new rate.