The IRS Has Approved Only Two Per Diem Methods to Substantiate

question 93

True/False

The IRS has approved only two per diem methods to substantiate travel expenses,the high-low method and the meals and incidental expenses method.

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Definitions:

Operating Income

Earnings before interest and taxes (EBIT), which shows a company's profit from its core business operations.

Tax Payments

Tax Payments are the compulsory financial charges or levies paid to the government by individuals, businesses, or other legal entities to fund public expenditures.

Non-operating Income

Non-operating Income is the income earned from non-core business activities, including one-time events or earnings from investments, that does not derive from the company's primary business operations.

Operating Income

Operating income is the amount of profit realized from a business's core operations, excluding taxes and interest expenses.