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#89854 - 06/19/03 08:20 PM Expense Reports
c.a.r Offline
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c.a.r
Joined: Oct 2002
Posts: 377
Texas, USA
At what dollar amount is a receipt required? Does the IRS set this? The Bank?
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#89855 - 06/19/03 08:34 PM Re: Expense Reports
1111 Offline
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1111
Joined: Jan 2003
Posts: 580
It' an internal matter as the IRS really does not get involved in the small in the banking world - just in my world and your world - personally.

We require receipts covering every item with payment for mileage based on an estimated number of miles. Your CPA would probably like to see receipts for everything.

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#89856 - 06/19/03 08:58 PM Re: Expense Reports
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Review Publication 463 regarding recordkeeping requirements for Travel, Entertainment, etc. There are specific requirements.
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#89857 - 06/19/03 09:15 PM Re: Expense Reports
Go Royals Offline
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Go Royals
Joined: Apr 2003
Posts: 79
Lincoln, Nebraska
I'm assuming by expense reports you are refering to employee reimbursements under an accountable plan. In general yes it is your individual bank decision as to what you consider adequate accounting (See IRS Publication 535 Chapter 13 for definition of accountable plans).

I would suggest using Publication 463 Chapter 5 recordkeeping as guidance as to when receipts are required for example on meals anything over $75 requires a receipt.

Hope this helps
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#89858 - 06/19/03 09:20 PM Re: Expense Reports
Risk Officer Offline
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Joined: Apr 2001
Posts: 205
Dallas
IRS Pub 535 mandates that businesses require their employees to provide an "adequate accounting" of their reimbursable expenses. Pub 463 goes further to require documentary evidence (i.e. receipt, canceled check, bill, etc.) if the expense is >= $75 (other than lodging). See IRS Pub 463. Our bank requires receipts for all lodging expenses and all other expenses over $25.
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