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IRS Updates Its Per Diem Rates

 

The IRS has released an annual notice that lists and explains the 2017-2018 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. These rates run from Oct. 1, 2017, to Sept. 30, 2018.

Specifically covered are:

  1. The special transportation industry meal and incidental expenses (M&IE) rates.
  2. The rate for the incidental expenses-only deduction.
  3. The rates for and list of high-cost localities for purposes of the high-low substantiation method.

The special M&IE rates for taxpayers in the transportation industry are $63 for any locality of travel in the continental United States (CONUS) and $68 for any locality of travel outside the continental United States (OCONUS).

The rate for any CONUS or OCONUS locality of travel for the incidental expenses-only deduction is $5 per day.

The per diem rates are $284 for travel to any high-cost locality and $191 for travel to any other locality within CONUS. The amount of the $284/$191 rate that is treated as paid for meals is $68 for travel to any high-cost locality and $57 for travel to any other locality within CONUS.

There are more details and conditions, which are covered in the IRS release. Or give us a call and we'll be happy to explain the specifics.

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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