Per diem travel rates updated


Notice 2014-57 provides special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home for Oct. 1, 2014, through Sept. 30, 2015.

The incidental-expenses-only deduction remains unchanged at $5 per day for any locality of travel.

The special meals and incidental expenses rates for taxpayers in the transportation industry remain unchanged at $59 inside and $65 outside the continental United States.

The high-low substantiation method rates are $259 for travel to any high-cost locality and $172 for travel elsewhere within the continental United States.

The notice also lists high-cost localities with rates of $216 or more.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.