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News to Know
IRS Posts New Per Diem Tax Deduction Rates for Business Travel
(SOURCE: CPA PRACTITIONER)
Each year the IRS (U.S. Internal Revenue Service) announces special per diem rates used to calculate tax deductions for business travel expenses will be $319 for travel to high-cost locations and $225 for travel to low-cost areas, the IRS said on Friday.
Each year the IRS announces special per diem rates taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.
Notice 2024-68, which the IRS published on Sept. 20, provides the special transportation industry rate, the rate for the incidental expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method for the period of Oct. 1, 2024, to Sept. 30, 2025.
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