IRS Notice 2016-58 provides revised per-diem reimbursement rates. The notice, which is re-issued annually, provides the special per diem rates starting October 1, 2016 that are used for substantiating the amount of ordinary and necessary business expenses incurred when traveling away from home.
The Notice addresses
- The special transportation industry mean and incidental expense rate;
- The rate for the incidental expenses only deduction; and
- The rates and high-cost localities for purposes of the high-low substantiation method.
Payroll departments may be interested in the updated rates. A copy of the notice can be found here.
