WASHINGTON—The IRS needs to adjust the 2022 standard optional mileage rate to reflect the strained oil market and rising gas prices, as well as the impacts consumers face because of inflation and the COVID-19 economic recovery, NAFCU told the tax collector in a letter.
NAFCU President and CEO Dan Berger also asked the IRS to take into consideration the rapid escalation of the Ukraine-Russia conflict, which continues to affect the supply of oil globally.
As it stands, the current 2022 rate –55.8 cents per mile for work-related automobile travel – does not match the elevated gas prices in the current market, NAFCU suggested.
“With gas prices rising swiftly and the 2022 rate no longer representing an accurate measure of prices, credit unions and their employees deserve a rate that is a fair reflection of the current market,” said Berger.
Earlier Adjustments Made
In 2011 the IRS recognized the effects of rising gas prices and made special adjustments to increase the optional standard mileage rates.
“The IRS has taken these steps in the past to alleviate the impacts of spiking gas prices and it should do so again now,” pointed out Berger. “The failure of the 2022 rate to accurately reflect gas prices puts employers, including NAFCU’s member credit unions, in the unfair position of choosing between a mileage reimbursement that is out of sync with current gas prices or providing a higher reimbursement rate that may not be accepted by the IRS.”
Don’t Forget to Check the Spam Folder!
Don’t forget to check your Spam/Junk email folder if you didn’t receive your free, popular and daily CUToday.info news headlines on Monday.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.