Does The IRS require detailed meal receipts?
Does The IRS require detailed meal receipts? The IRS requires receipts for travel and entertainment (T&E) expenses, such as airfare, hotel bills, meals, and car rentals. The rules are different if the T&E is associated with a business event that meets one or more of the IRS's T&E rules.
What is the Cohen rule?
Cohan rule is a that has roots in the common law. Under the Cohan rule taxpayers, when unable to produce records of actual expenditures, may rely on reasonable estimates provided there is some factual basis for it. The rule allows taxpayers to claim certain tax deductions on the basis of such estimates.