The IRS recently issued guidance (Notice 2023-68) providing the 2023–2024 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 2022-44. The new notice is generally effective for per diem allowances for travel away from home on or after Oct. 1, 2023.
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