The Internal Revenue Service (the “IRS”) has issued Notice 2012-63, which contains special per diem rates for employees to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. Specifically, the Notice includes: (1) the special transportation industry meal and incidental expenses (“M&IE”) rates, (2) the rate for the incidental expenses only deduction, and (3) the rates and list of high-cost localities for purposes of the high-low substantiation method. The Notice is here (BenefitLink.com). The rates generally apply to expenses incurred during travels on and after October 1.
Published By Stanley D. Baum, New York ERISA attorney, Of Counsel at Cary Kane LLP Handling matters in ERISA, employee benefits, disability, and employment law for employers, individuals and unions.