IRS Notice 2020-71: Special Per Diem Rates Announced

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The IRS released its annual notice which provides the Special Per Diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home, specifically:

  1. The special transportation industry meal and incidental expenses (M&IE) rates
  2. The rate for the incidental expenses only deduction
  3. The rates and list of high-cost localities for purposes of the high-low substantiation method

The special per diem rates can be found on IRS.gov at https://www.irs.gov/pub/irs-drop/n-20-71.pdf

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Gary DeHart
Gary DeHart has worked in media for more than 25 years and has been instrumental in developing new revenue streams and business opportunities for the companies he has worked for. Prior to launching Insightful Accountant (formerly Intuitive Accountant), Gary was the Associate Publisher of Accounting Today. Prior to working in media serving the public accounting market, he worked in media for employee benefit managers and brokers, automotive design, textile manufacturing and recreational boating. In addition to being the Publisher and Managing Partner of Insightful Accountant, Gary works with select clients within the accounting market on channel development and growth. He is an Assistant Scoutmaster with the Boy Scouts of America, enjoys fly fishing, time on the beach, cooking on the Big Green Egg and spending time with his family.