Tax Talk Tuesday: Where You Travel for Business Determines Your Per Diem Rates

2023-2024 Updated Per Diem Rates
Welcome to Tax Talk Tuesday, I’m Maria Yanna, a CPA here at John A. Knutson & Company. Today I’m informing you of some IRS updates.
The IRS recently released Notice 2023-68 which provides updated per-diem rates to use for paying and deducting allowance-based travel expenses. The IRS provides these rates to help keep the administration process simpler for reimbursing employees for travel and incidental expenses. However, the cost of living can vary widely across the U.S., so the IRS keeps a list of specific “high-cost localities” where the per-diem rates are higher. In fact, many areas are only included as a “high-cost locality” during certain parts of the year. A few examples of some changes that happened are Yosemite National Park and Atlanta Georgia are now high-cost areas, while LA and Portland are no longer defined as high-cost areas.
This information is important to look up and know if you’re using this method to give allowances for lodging, meals, or other incidental expenses to travel. These updates are effective for travel and payments made after October 1st, 2023.
Thanks for listening, please contact your JAK representative with any questions you may have.

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