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What are Adequate Records

What Are Adequate Records? You should keep the proof you need in an account book, diary, log, statement of expense, trip sheets, or similar record. You should also keep documentary evidence that, together with your record, will support each element of an expense.   Documentary evidence.   You generally must have documentary evidence, such as receipts, canceled checks, or bills, to support your expenses.   Exception.   Documentary evidence is not needed if any of the following conditions apply. You have meals or lodging expenses while traveling away from home for which you account to your employer under an accountable plan, and [...]

November 28th, 2013|Accounting, Business Tax|Comments Off on What are Adequate Records
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