Is anyone accepting credit card statements as valid T&E receipts? If so, do they require all receipts, > $25, or > $75?

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Credit card statements are accepted by some organizations in lieu of receipts, with the exception of hotel receipts (portfolios) which are required in order to see the detail that the credit card statement lacks. Credit card statements are acceptable to the IRS provided that the information on the statement meets the IRS requirements per Publication 463. There must be adequate detail.

The IRS requires the hotel receipt, because the credit card statement does not provide a breakout of detail on individual expenses. See TAPN's report "Processing T&E Receipts."

As to a dollar threshold for requiring receipts, while the IRS does not require receipts below $75, according to TAPN's T&E Survey most organizations require either all receipts, or all receipts for $25 and above. See TAPN's T&E survey from January 2007. We have just concluded a new T&E Survey and are beginning analysis now. Results will be posted the third week of September.

Your question is also a good one to post in the Forum to get input from other members.

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