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Restating Financial Results
The Internal Revenue Service (IRS) recently issued its annual update of per-diem rates for individuals incurring expenses while traveling away from home for business. The new notice specifically concerns special per-diem rates, including the:
The rates apply to per-diem allowances paid to employees traveling for business between Oct. 1, 2021, and Sept. 30, 2022.
The M&IE rate for individuals in the transportation industry is $69 for any locality of travel within the continental U.S. and $74 for any locality of travel outside the continental U.S. Both rates are up $3 from last year’s amounts.
The incident-expenses-only deduction remains the same as last year at $5 per day for any locality of travel.
The notice also contains an updated list of high-cost localities, or those with a per-diem rate greater than $249, which is $4 higher than last year. Concerning the high-low substantiation method, the per-diem rates are $296 for travel to high-cost localities and $202 for travel to any other localities within the continental U.S., both up $4 from last year. The portion of these rates intended for meals is $74 for high-cost localities and $64 for any other localities within the continental U.S., up $3 and $4, respectively.
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