Deductions: Business Expenses
The IRS has updated the simplified per diem rates that employers (or their agents or third parties) can use to reimburse employees for lodging, meals and incidental expenses incurred during business travel away from home without the need to produce receipts. The update applies to per diem allowances paid for travel on or after October 1, 2007. The simplified "high-low" per diem rates have decreased to $237 for high-cost localities and increased to $152 for low-cost localities. Some locations have been added to the list of high-cost localities, some have been dropped, and some have been redefined. The procedure also includes transition rules for the last three months of calendar year 2007
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