IRS Increases Standard Mileage Rates for Last Half of 2022 For Kaiser Aluminum Employees (2024)

• Business use of auto : Our Kaiser Aluminum clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used for business purposes. As a Kaiser Aluminum employee, your employer from Kaiser Aluminum may reimburse you for your business travel expenses using the standard mileage rate. However, if Kaiser Aluminum does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.
• Charitable use of auto : 14 cents per mile (the same as for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to provide services to a charitable organization if you itemize deductions on your income tax return. We'd like our clients from Kaiser Aluminum to note that your charitable deduction may be limited to certain percentages of your adjusted gross income, depending on the type of charity.

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• Medical use of auto : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons) if you itemize deductions on your income tax return. It's also important that our Kaiser Aluminum clients note that you can deduct only the part of your medical and dental expenses that exceed 7.5% of the amount of your adjusted gross income.
• Moving expense : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used by a member of the Armed Forces on active duty to move, pursuant to a military order, to a permanent change of station (unless such expenses are reimbursed). The deduction for moving expenses is not currently available for other taxpayers.

The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in 2011.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Name: Kaiser Aluminum Pension PlanEligibility: Employees typically qualify based on years of service and age. The standard eligibility criteria are often 5 years of service or reaching age 55.Pension Formula: The pension formula is generally based on years of service and average salary. For Kaiser Aluminum, it is typically calculated using a defined benefit formula which considers years of service and average earnings.Name: Kaiser Aluminum 401(k) PlanEligibility: Employees are usually eligible to participate in the 401(k) plan after completing a specific period of service, often 30 days of employment.401(k) Plan Features: Includes employee contributions, employer matching contributions, and various investment options.

Restructuring and Layoffs: In 2023, Kaiser Aluminum announced a significant restructuring plan aimed at optimizing its production capabilities. The company reported a reduction of 10% in its workforce across various departments. This move is part of a broader strategy to enhance operational efficiency and adjust to shifting market demands. This news is crucial to address due to the current economic environment, which has seen many companies in the metal industry adjusting their operations in response to fluctuating demand and cost pressures.

Kaiser Aluminum issued stock options and RSUs to executives and key employees. Options had a four-year vesting period with annual vesting, while RSUs aimed to align interests with long-term shareholder value. [Source: Kaiser Aluminum 2022 Annual Report, Page 34]

Health Benefits Overview: The company provides a comprehensive health benefits package to its employees, including medical, dental, and vision insurance. They also offer wellness programs and resources for mental health support.Recent Changes: For 2023, Kaiser Aluminum made adjustments to its health insurance plans, including increased premiums and a shift towards high-deductible health plans (HDHPs).