VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
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.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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