New Business Travel Per Diem Rates Announced for 2020
Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates that vary from locality to locality. Here’s what you’ll need to know to determine if this simplified approach is right for your business.