What is the IRS ruling for travel and expense receipts?

Follow

While many companies require receipts for expenses of $25 or more, the IRS does not require receipts for non-lodging expenses less than $75. The IRS does require receipts for all lodging expenses. As a good business practice it is best to get the itemized receipt showing what was purchased, however, the only ruling from the IRS is that the receipt provides enough information about the transaction. Some businesses accept the CC receipt for anything under the IRS limit of $75 but require it for anything purchased over the limit.

Have more questions? Submit a request

Comments