The IRS has released new 2024–2025 special per diem rates for expenses incurred when traveling away from home. They include the 1) transportation industry meals and incidental expenses (M&IE) rates, 2) incidental expenses only deduction and 3) list of high-cost localities used in the high-low substantiation method. Although employers can pay workers more than the IRS rates, they can’t deduct more on their tax returns. The rates are effective Oct. 1, 2024. To see the various new rates in Notice 2024-68: https://bit.ly/4eDuIsF
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