New IRS Per Diem Rates for Business Travelers

Business travelers have a lot of expenses to keep up with. To simplify things, the IRS allows the use of per diem (Latin meaning “for each day”) rates. Per diem rates are the equivalent of a fixed amount paid to employees to compensate for lodging, meals, and incidental expenses incurred when traveling on business rather than using actual expenses. These rates are also used for federal income tax purposes. Updated rates are effective as of 10/1/16.  Read more.