June 16, 2022

Sterling Lexicon Shares June 9th IRS Announcement

Sterling Lexicon Shares June 9th IRS AnnouncementSterling Lexicon received news of a recent IRS Announcement relaying an increase to IRS Mileage rates effective July 1st. It is rare for the IRS to issue a change in mileage rates mid-year; in fact, the last time the Internal Revenue Service (IRS) published a mileage rate increase mid-year was in 2011.

We describe below how to apply mileage rates for relocation reporting:

    • 22₵ per mile is the formerly excludable amount (will still be excludable from State Taxable income in the states that did not conform with 2018 TCJA – AR, CA, HI, MA, NJ, NY & PA)
    • 40.5₵ per mile is taxable for Federal and in all US States and territories
    • 62.5₵ per mile is the new Total

For more information, please visit IRS News Release.

If you have any questions do not hesitate to contact your Sterling Lexicon experts.

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Diana Soloway

Diana Soloway

Diana Soloway is Sterling Lexicon’s Global Sr. Marketing Specialist and has worked in Global Mobility/Supply Chain industry for 10 years. She has held positions in global mobility operations and marketing positions for global logistics and commercial moving. As a Third-Culture Kid, she had the opportunity to grow up in Istanbul and São Paulo for 5 and a half years collectively. She graduated from American University with a Business, Language and Culture Bachelor of Science degree. Her track language selection of Spanish afforded her the opportunity to study abroad and attend Universidad Pontificia Comillas, ICADE Business School.

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