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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