IRS Updates Per Diem Rates for Transportation Industry

The 2015-16 special meal and incidental expenses (MI&E) rates for taxpayers in the transportation industry are $63 for travel locations in the continental U.S. and $68 for travel outside the continental U.S., the IRS said in an annual notice.

Notice 2015-63, released Sept. 16, updates the special per diem rates used to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home under tax code Section 274(d).

The new MI&E rates increased from $59 and $65, respectively, in 2014-15, the Internal Revenue Service said, and the incidentals-only deduction for any location remains unchanged at $5 ...