The IRS recently issued guidance (Notice 2024-68) providing the 2024–2025 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home, including:
- The special transportation industry meal and incidental expenses rates
- The rate for the incidental-expenses-only deduction
- The rates and list of high-cost localities for purposes of the high-low substantiation method
The notice is an annual notice that replaces the special per diem rates provided in Notice 2023-68. The new notice is generally effective for per diem allowances for travel away from home on or after Oct. 1, 2024.
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