Tax News

CCH (cch.taxgroup.com) reports:

In recognition of increasing gasoline prices, the IRS has announced an increase in the optional standard mileage rates for the second half of 2008. The standard mileage rate for business miles driven from July 1, 2008, through December 31, 2008, will be 58.5 cents per mile, an increase of eight cents over the rate for the first half of the year. The standard mileage rate for medical and moving expenses has been increased to 27 cents per mile from 19 cents per mile. The standard mileage rate for charitable purposes, however, remains unchanged at 14 cents per mile. Rev. Proc. 2007-70, I.R.B. 2007-50, 1162, is modified.
IR-2008-82, 2008FED ¶46,480
Announcement 2008-63, 2008FED ¶46,481
Other References:
Code Sec. 61
CCH Reference - 2008FED ¶1090.11
CCH Reference - 2008FED ¶1201.24
CCH Reference - 2008FED ¶5907.0325
Code Sec. 62
CCH Reference - 2008FED ¶6006.0324
Code Sec. 162
CCH Reference - 2008FED ¶8590.021
CCH Reference - 2008FED ¶8590.55
Code Sec. 170
CCH Reference - 2008FED ¶11,620.029
CCH Reference - 2008FED ¶11,620.6744
Code Sec. 213
CCH Reference - 2008FED ¶12,543.82
Code Sec. 217
CCH Reference - 2008FED ¶12,623.021
CCH Reference - 2008FED ¶12,623.11
Code Sec. 274
CCH Reference - 2008FED ¶14,417.043
CCH Reference - 2008FED ¶14,417.045
CCH Reference - 2008FED ¶14,417.046
CCH Reference - 2008FED ¶14,417.047
CCH Reference - 2008FED ¶14,417.048
CCH Reference - 2008FED ¶14,417.05
CCH Reference - 2008FED ¶14,417.051
CCH Reference - 2008FED ¶14,417.052
CCH Reference - 2008FED ¶14,417.053
CCH Reference - 2008FED ¶14,417.50
Code Sec. 1016
CCH Reference - 2008FED ¶29,412.385
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CCH Reference - TRC BUSEXP: 24,506