Remove Account Remove accounting online Remove Entertainment Remove financial statements
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What happens if you get audited and don’t have receipts?

xendoo

For example, if your deductions include certain expenses like entertainment, you can’t claim the Cohan rule. Since most vendors use online invoicing and billing systems, they’ll have copies of your records. Keep in mind that some vendors might charge a fee for their time to retrieve past invoices, receipts, and other statements.

audit 52
article thumbnail

What happens if you get audited and don’t have receipts?

xendoo

For example, if your deductions include certain expenses like entertainment, you can’t claim the Cohan rule. Since most vendors use online invoicing and billing systems, they’ll have copies of your records. Keep in mind that some vendors might charge a fee for their time to retrieve past invoices, receipts, and other statements.

audit 52