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  • Expense Reporting

    When I used to work for a large fortune 500 company I had to take my original expense receipts one by one tape them down, date and number the pages, etc. etc. My wife is a new partner at a small S corp practice, before becoming a partner she was very cautious on submitting receipts, not wanting to rock the boat. But now that she is a partner and the expense comes out of her income we want to start submitting all the business related receipts. Is the above method of recording receipts that I used actually required or can I just download my credit statement in excel and label the expenses and submit it to the office manager?

  • #2
    You need to ask the office manager what format s/he prefers.

    For IRS purposes, the credit card statement may not be enough. It proves that you chargedĀ something but not whether it is personal or business - you still need to save those receipts. For meals and entertainment, you do not have to submit receipts if the expenditure is < $75, but you still have to know the business purpose, what was discussed, and who was at the meal. To do so, I typically recommend that you save the receipt and jot the pertinent details on the back of it.

    Of course, there are also apps that will record and track all of this stuff for you.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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