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A Raise in Your Allowance

Please note: This item is from our archives and was published in 2006. It is provided for historical reference. The content may be out of date and links may no longer function.

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L ike the corn in Oklahoma, gas prices are as high as an elephant’s eye this summer—and that’s a hardship for those who do a lot of driving for their employers. The IRS already has upped the deduction unreimbursed travelers can take to 44.5 cents a mile. Now some public companies, including BellSouth and UPS, are following suit. In a recent survey by the Society for Human Resource Management, one in five respondents said their companies already have begun or are planning to soon raise reimbursement rates to the IRS level.