November 2023
New Per Diem Rates for Business Travel
The IRS has announced the per diem rates for ordinary and necessary business travel expenses in fiscal year 2023-24:
- When using the high-low substantiation method, the rate for travel to high-cost localities is $309 per day and the rate for all other continental United States (CONUS) localities is $214 per day.
- For meals, the rate is $74 (high) and $64 (all other) per day.
- The rate for incidental expenses when traveling in or outside the CONUS is $5 per day.
These rates are effective beginning Oct. 1, 2023. Questions about per diem rates or other options for deducting business travel expenses? Contact the office.
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
