Finance Department News

back to main finance page  

  

The Internal Revenue Service has issued a new rate for mileage reimbursements:

For miles driven in 2008 the new rate is 50.5 cents per mile.

Reimbursements in 2008 for miles driven in 2007 should be made at the rate of 48.5 cents per mile.

 

Details:

STANDARD MILEAGE RATES
 
Beginning January 1, 2008, the allowable deductions for the standard mileage rate are as follows:
 
BUSINESS MILES - The standard mileage rate for the cost of operating your car increases to 50.5 cents a mile for all business miles driven.
 
CHARITABLE SERVICES - The standard mileage rate allowed for use of your car when you use your car to provide charitable services to a charitable organization remains at 14 cents a mile.

 

 

The IRS has made the following changes that may have an effect on your accounting pages in your parish. 

 
From the IRS on 'Tax Law Changes for Individuals"
 
RESTRICTIONS ON CHARITABLE CONTRIBUTIONS
 
All cash contributions made in tax years beginning after August 17, 2006, to any qualified charity must be supported by a dated bank record or a dated receipt.
 
For all contributions you must keep one of the following:
1.  A cancelled check or a legible and readable bank account statement that shows:
  a) If payment by check - the check number, amount and date posted and to whom paid,
  b) If payment was by electronic funds transfer - the amount, date posted and to whom paid, or
  c) If payment was charged to a credit card - the amount, transaction date and to whom paid.
2.  A receipt (or a letter or other written communication) from the charitable organization showing the name of the organization, the date of the contribution and the amount of the contribution.
 
note:  Until August, 2006 it was acceptable to keep reliable written records of cash donations that were under $250.
 


Back to Index