Idea Of The Day ^®

The IRS announced the rates for its high-low substantiation method for the cost of business lodging, meals, and incidental expenses. One rate applies to travel to high-cost areas (there are no changes in the list of high-cost localities in this notice from the list of high-cost localities) and another to all other locations. These rates can be used to substantiate these travel costs, but other substantiation (time, destination, purpose of travel, etc.) is still required. The rates are effective October 1, 2025, but businesses can choose to use rates set for FY 2025 for the last three months of this year. #IdeaoftheDay