New federal laws will come into effect on January 1, 2024.

Regarding the IRS Mileage Reimbursement Rate, there will be an increase to 67 cents per mile for business purposes, up from 65.5 cents in 2023. This rate will also apply to electric and hybrid vehicles.

While the use of this rate is not mandatory, it is commonly utilized as a simple and standard reimbursement rate for employees who use their personal vehicles for work. If your organization uses the IRS rate for mileage reimbursement calculations, it is important to update your systems to accommodate this change.

IRS provides tax inflation adjustments for tax year 2024

Click on the link for more info:

https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024