The Hurricane Katrina Emergency Tax Relief Act of 2005

The Roth 401(k) Plan
(PDF download)

Structuring An Effective Compensation Program

Understanding COBRA

2005 and 2006 STANDARD MILEAGE RATES INCREASED
Due to skyrocketing fuel costs, the IRS announced on Friday, September 9, 2005 that effective September 1, 2005, the standard mileage rate has increased from $0.405 to $0.485 – an increase of 8 cents per mile. This is the largest increase in history, and only the second time that economic conditions have warranted a mid-year change. The rate decreased to $0.445 effective January 1, 2006.

For medical and moving mileage, the rate increased from $0.15 to $0.22 effective September 1, 2005. The rate dropped to $0.18 effective January 1, 2006.

For charitable mileage, the rate is fixed at $0.14 per statute, so the IRS is not able to adjust it – that will require an act of Congress.

We will continue to watch tax developments and keep you apprised.
 

 



 

© 2006 Davenport, Marvin, Joyce & Co., LLP