The IRS has issued its annual update of special per diem rates for substantiating ordinary and necessary business expenses incurred while traveling away from home.
The new rates in Notice 2021-52 are in effect from Oct. 1, 2021, to Sept. 30, 2022. Specifically, they are the special per diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method. Learn more.