On Friday, the Internal Revenue Service stated that it will continue to allow taxpayers to use the high-low method to substantiate travel expenses, reversing a July decision to discontinue the method. The IRS also provided guidance on the use of the federal per diem rate. JournalofAccountancy.com (9/30)
. If you incur business related travel, oftentimes per diem rates will provide a larger deduction for you than the actual expenses you incurred. Contact me if you have questions regarding the use of per diem rates.
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