The high cost of gasoline has prompted the IRS to make a mid-year adjustment to the standard mileage rate for business travel effective July 1, 2022. The norm has always been to make this adjustment annually. The last time the agency made a mid-year adjustment to the rate was in 2011. The new rate will be 62.5 cents per mile, an increase of 4 cents from the prior amount. For more information please click here.