Definition. The total sum of money due for the purchase of a good or service that must be paid by the set due date. In relation to taxes, the money owed to the government when required tax amount totals a greater number than total tax payments previously made.efinition. The total sum of money due for the purchase of a good or service that must be paid by the set due date. In relation to taxes, the money owed to the government when required tax amount totals a greater number than total tax payments previously made.
The Internal Revenue Service has set the special per diem rates starting Oct. 1, 2015, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.
IRS Updates 2016 Per Diem Rates for Business Travel. posted Sep 29, 2015 by Loree Dubois, CPA in the Global Tax Blog. The IRS has recently updated the per diem rates for business travel which will begin October 1, 2015- the start of fiscal year 2016.Per diem rates allow companies to document business travel expenses without having to collect receipts, monthly expense reports, and other bothersome administrative paperwork.s an alternative to reimbursing employees for expenses they incur while traveling, employers can pay them a per diem amount, or daily allowance, for lodging, meals and incidentals. The rates are IRS approved and vary depending on where your employees travel.