September 18, 2015
The IRS has approved new per diem rates to go into effect on October 1, 2015. IRS notice 2015-63 describes the new rates for special transportation industry meal and incidental rates, the rate for incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
The special rates for those in the transportation industry are $63 for any locality of travel in the continental United States, and $68 for any locality outside of the continental U.S. The per diem rate for the incidental expenses-only deduction is $5 per day for any locality of travel inside or outside the continental United States.
For purposes of the high-low substantiation method, the per diem rates have increased from $259 last year, to $275 for the high-cost locality. Low cost localities also saw an increase from $172 per day, to $185. A complete list of high-cost localities can be found at http://www.irs.gov/pub/irs-drop/n-15-63.pdf
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The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: