The IRS updated the 2018 standard business mileage rate, moving expense mileage rate, and fixed and variable rate (FAVR) allowance. These updates reflect changes made by the Tax Cuts and Jobs Act (TCJA, P.L. 115-97) that: repealed the deduction for unreimbursed employee expenses; repealed the deduction for moving expenses; and increased depreciation limits for passenger […]
The post 2018 Standard Mileage Rates Updated to Reflect Tax Reform Changes (IR-2018-127; Notice 2018-42) appeared first on Tax & Accounting Blog.