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Tax Credits

By Dominique Molina, CPA MST CTS

Tax Professionals’ Update: IRS Announces 2024-2025 Per Diem Rates—What You Need to Know

The IRS has released the updated per diem rates for the 2024-2025 period (IRS Notice 2024-68), which are now effective for business travel beginning October 1, 2024. These rates play an essential role in helping tax professionals and businesses substantiate the ordinary and necessary expenses incurred by employees while traveling for work. Here’s what you need to know about how per diem works, the effective dates of these changes, and a comparison of the new rates with last year’s numbers.

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