Clarification on changes to mileage rates and depreciation limits

May 25, 2018

The IRS has released information for taxpayers and employers concerning changes in the use of standard mileage rates and increased depreciation limits for passenger automobiles as a result of the Tax Cuts and Jobs Act (TCJA).

The standard mileage rates outlined in IRS Notice 2018-03 will stand, but there will be caveats.

For example, the TCJA suspends deductions for move-related vehicle expenses and for some unreimbursed employee expenses in taxable years beginning Dec. 31, 2017, and ending Jan. 1, 2026.

Find out what you need to know in IRS Notice 2018-03.

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