Every year, the Internal Revenue Service, IRS, issues optional standard mileage rates for business travel. If your organization follows the mileage rates issued by IRS, you may consider updating the mileage rates on Fyle as per the latest IRS rates so that your employees are duly reimbursed.
Here's one such announcement for the year 2024.
Please follow the steps mentioned here to update the mileage rates.
FAQs:
Does Fyle automatically update the mileage rate as per IRS guidelines?
No. Fyle doesn't update the mileage rates automatically. However, if you want us to update the mileage rates on your behalf, please let us know at [email protected]. We would be happy to help.
My employees have some mileage expenses from 2023. How can we handle them?
If your employees have expenses from older rates, don't worry. We have a workaround for you. Please follow the steps mentioned below.
Create a new mileage rate, let's say
IRS Rate 2023with old mileage rate value.Ask your employees to select
IRS Rate 2023the mileage rates while creating the old mileage expenses from 2023.Use the new mileage rate, let’s say
IRS Rate 2024for the mileages from Jan 1st 2024.Once all those 2023 mileage expenses are created, please disable that
IRS Rate 2023so that onlyIRS Rate 2024can be used.
Feel free to contact our support team at [email protected] for any further information.