Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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IRS Releases Guidance on Per Diem Allowances for Business Expenses Incurred While Traveling
Sep 26, 2023, 05:00
by
Tyler Lloyd
The Internal Revenue Service (IRS) announced the special per diem rates effective October 1, 2023. Notice 2023-68
provides the 2023-2024 special per diem rates for taxpayers to use in
substantiating the amount of ordinary and necessary business expenses
incurred while traveling away from home. The rates are the special
transportation industry rate, 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.