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IRS requirements for expense substantiation
February 13, 2023
Q. We have a P-card program that assigns corporate cards to certain individuals for a variety of purchases that are not T&E related. The statements are paid directly to the credit card issuer. Are the statements received by Accounts Payable sufficient documentation to meet the IRS requirements? Although we currently have an internal requirement for certain receipts, my question is specific to what is required by the IRS for adequate support.
A.
(Answered by IOFM's third-party tax…
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