Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.
No receipts for IRS? Key tax case says they're optional: Clients may not need to present receipts when claiming tax deductions if they can prove those tax-deductible expenses using some other means, according to Forbes. A recent tax case overturned an IRS decision to disapprove a taxpayer's deduction claims because of a lack of receipts may have set the precedent for others to file without documentation. An appeals court argued that the IRS should allow the deductions if taxpayers can present "other credible evidence" to prove they really incurred the expenses. -- Forbes
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access