Auto Mileage Rates Increase In 2005

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Remember to Report Certain Foreign Bank and Financial Accounts by June 30 to the IRS

With globalization, more people in the U.S. have foreign financial accounts. "There are responsibilities that go along with owning such foreign bank and financial accounts," said IRS Commissioner Doug Shulman. "Foreign account owners must remember that they may have to report their accounts to the government, even if the accounts do not generate any taxable income."

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The IRS increased the auto mileage rate in September to 48.5 cents a mile for all business miles driven between September 1 and December 31, 2005. This is up from 40.5 cents per mile for January 1 though August 31, 2005.

This increase is due to the recent gas price increases and rising costs of operating vehicles. Since they are predicting a decline in gas prices over the coming months, they will wait until the end of December before setting the 2006 rate.

The mileage rate for medical and moving expenses will also increase in the final four months of 2005. Up from 15 cents for the first eight months of 2005, the rate will be 22 cents a mile.

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

Tax News You Can Use . . .

Remember to Report Certain Foreign Bank and Financial Accounts by June 30 to the IRS

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Auto Mileage Rates Increase In 2005

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