Employment -IRS Issues Annual Notice Of Special Per Diem Rates For Substantiating Travel Expenses

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.