Federal Tax, Tax

The IRS Announces New Per Diem Rates for 2022-2023

The IRS has announced special 2022-2023 per diem rates that go into effect Oct. 1, 2022. Employees may use the rates to substantiate expenses for lodging, meals and incidental expenses when traveling away from home for business. To account for cost-of-living differences in the U.S., the daily rates are higher for localities that the IRS has determined as “high cost.” Under the high-low substantiation method, the per diem rates are $297 for travel to a high-cost locality and $204 for travel to other localities. The amount of the per diem that’s treated as paid-for meals is $74 for travel to a high-cost locality and $64 for other localities. For more information: https://bit.ly/3Rmpo0y  Contact us with any questions. © 2022