You may have some disgruntled business travelers after you announce this.
It won’t be the happiest new year for your company’s road warriors. IRS recently released the standard mileage rate for 2016, and they cut it by almost 10%.
You can now reimburse employees tax-free at the rate of 54 cents per mile. That’s down from the 57.5 cents you could offer them in 2015.
Of course this change is a direct result of gas prices being down, but you can bet employees won’t want to hear about that. All they’ll see is that they’re getting less each time they hit the road. So tell A/P to prep for some griping … and to bounce back expense reports that try to claim the old rate.
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