Financial Facts

October 2, 2014

FinancialFacts

By Vicky Steinruck

On September 19, the IRS issued its annual update for special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2014 and 2015. (Notice 2014-57) The updated rates are effective for per diem allowances paid to any employee on or after October 1, 2014, and supersede the rates in Notice 2013-65. The per diem rate for incidental-expenses-only deduction remains at $5 per day regardless of the locality of travel.

Employers are required to send Medicare Part D disclosure by October 15, 2014, to all eligible employees.  You must inform all employees if the prescription drug coverage you offer is “credible.” Credible means the prescription drug coverage you offer is expected to pay, on average, as much as the standard Medicare prescription drug coverage.

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