IRS issues latest per diem rates

Oct 04, 2012

The IRS has updated the per diem rates for taxpayers to use in 2012-2013 when substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home.

The latest per diem rates, outlined in Notice 2012-63, specifically apply to:

  • The special transportation industry meal and incidental expenses rates.
  • The rate for the incidental expenses only deduction.
  • The rates and list of high-cost localities for purposes of the high-low substantiation method.

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