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1 day ago · The IRS allows the use of per diem (that’s Latin meaning "for each day”—remember, lawyers love Latin) rates to make reimbursements easier for employers and employees. Per diem rates are a ...
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3 days ago · CPA Practice Advisor reports that beginning Oct. 1, the per diem rates utilized to calculate tax deductions for individuals who travel for business have been set at $319 for any high-cost locality and $225 for travel to low-cost destinations. Every year, the agency sets special per diem rates for taxpayers to substantiate the expenses for ...
4 days ago · The special per diem rates that a taxpayer may use in substantiating travel and business expenses under the per diem substantiation method (set out in Rev. Proc. 2019-48) will be higher starting Oct. 1, as provided by the IRS in Notice 2024-68. Generally, under the per diem substantiation method, if ...
4 days ago · Sep. 23, 2024. Come Oct. 1, the per diem rates used to calculate tax deductions for business travel expenses will be $319 for travel to high-cost locations and $225 for travel to low-cost areas ...
2 days ago · The IRS has announced special per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2024. Employers using these rates to set per diem allowances can treat certain categories of travel expenses as substantiated without requiring that employees prove the actual ...
2 days ago · The Internal Revenue Service issued Notice 2024-68, updating the special per diem rates under IRC Section 274(d), which is used to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home. Effective Oct. 1, 2024, the transportation industry per diem rates will increase to $80 (currently $69) for any locality of travel within the continental U ...
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1 day ago · In addition to income and Social Security taxes, the employee portion of Medicare tax, which is 1.45% of that $5,000, or $72.50, will be taken out of that payroll. The same amount ($72.50) will be ...
