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The IRS recently released Notice 2020-71, detailing the new special per diem rates taxpayers use to substantiate necessary business expenses while traveling away from home. The rates will apply to allowances for lodging, meal and incidental expenses or for meal and incidental expenses paid to an employee on or after October 1, 2020.
Three specific categories are addressed in the notice:
High-cost locality - $292
Any other locality within CONUS - $198
The amount treated as paid for meals is:
High-cost locality - $71
Any other locality within CONUS - $60
Taxpayers that use the high-low method must comply with Rev. Proc. 2019-48.
Please contact Schneider Downs if you need further information related to per diem rates.
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