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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
The standard mileage rate for 2007 for computing the value of the business use of an automobile will be adjusted to 48.5 cents per mile, according to the IRS. The previous business use rate for 2006 was 44.5 cents per mile. For medical and moving expense purposes, the rate will be adjusted to 20 cents per mile. The previous medical and moving expense rate was 18 cents per mile for 2006. The mileage rate for charitable purposes will remain 14 cents per mile.
Employers may use the standard mileage rate to pay for auto expenses incurred by employees under a reimbursement or expense allowance arrangement and thereby substantiate and adequately account for such expenses, provided that the accountable plan requirements are satisfied. The standard automobile cost for fixed and variable rate allowance purposes will increase slightly to $27,600 from $27,400.
For more information on this and related topics, consult the CCH Pension Plan Guide.
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