IRS ELIMINATES HIGH-LOW SUBSTANTIATION METHOD

The Internal Revenue Service announced that it is doing away with the high-low method for substantiating certain travel expenses. The method was designed to be a simplified substantiation method for employers who pay a per diem allowance instead of reimbursing actual travel expenses, but when the IRS asked for comments on whether it was still needed, it received none.

For more information please visit:  Journal of Accountancy