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Federal guideliner per diem meals4/9/2023 ![]() The IRS pointed out that using a per diem substantiation method is not required, stating that, “A taxpayer may verify actual allowable expenses if the taxpayer maintains adequate records or other sufficient evidence for proper substantiation.” Deductible Travel Costs for Businesses In the annual notice, the IRS publishes the rates and the rate for the incidental expenses alone deduction. 2019-48 allows some taxpayers to utilize a special transportation industry rate or rates based on a high-low substantiation approach. 2019-48.įor certain high-cost areas, Rev. The federal per diem rates released yearly by the General Services Administration can be used by taxpayers who utilize per diem rates to verify travel expenditure amounts under Rev. 2019-48 established the criteria for substantiating the costs for accommodation, food, and incidental expenses for travel away from home by utilizing per diem rates rather than real expenses. A list of high-cost cities with a federal per diem charge of $249 or more is included in the notification. The per diem rates are $74 for travel to any high-cost location and $64 for travel to any other location within the continental U.S, in place of the rates indicated in Notice 2020-71. The per diem rates that replace the rates in the previous Notice 2020-71 for the high-low substantiation technique are $296 for travel to any high-cost locale and $202 for travel to other areas within the continental U.S. There is a $5 per day incidental-expenses-only deduction for any travel location inside or outside the continental U.S. and $74 for any place outside the continental U.S. The rate for the incidental-expenses-only deductionįor taxpayers in the transportation sector, the special meal and incidental cost rates are $69 for any location in the continental U.S.The rates for the high-low substantiation technique, along with the list of high-cost areas.What You Need to Know About Per Diem Travel Expenses ![]() ![]() Read on to learn more about the updated travel expenses and how they may affect your individual tax preparation. ![]() Taxpayers may use the updated per diem rates to substantiate the amount of accommodation, food, and incidental expenditures they incur when traveling away from home. The IRS has released revised per diem rates, which took effect on Oct. ![]()
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