The Internal Revenue Service has released Notice 2021-02 https://www.irs.gov/pub/irs-drop/n-21-02.pdf announcing the 2021 standard mileage rates. For business mileage driven after December 31, 2020, the rates are as follows:
Effective January 1, 2021, the reimbursement rate for in-state mileage changed from 57.5 cents per mile (for travel prior to January 1, 2021) to 56 cents per mile (for travel on or after January 1, 2021).
Policy 515.4 Travel - Employees, Privately Owned Transportation will be updated.
The online Travel & Expense Module in PeopleSoft Finance will use the correct mileage rate based on the date entered for travel.
Please contact the Accounting Office at 231-7432 if you have any questions.