In Announcement 2011-40, the Internal Revenue Service revised the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes. Recognizing the recent increases in the price of fuel, the IRS has increased the business standards mileage rate from $0.51 cents per mile to $0.55 cents per mile effective July 1, 2011. If your employee handbook follows the IRS optional standard mileage rates, please be sure to adjust your business mileage reimbursements.