10/16/2023YES, receipts are required in case of an audit. The tax authorities or auditors may ask for receipts and other supporting documentation during an audit to ensure accurate tax returns or financial statements.
Receipts serve as proof of transactions and expenses claimed on tax returns. They contain details such as the transaction date, parties involved, amount, and expense type. Proper receipts or documentation make it easier to prove the reported expenses’ validity, which could lead to issues during an audit.
To support your financial transactions in case of an audit, you should keep accurate and organized records, including receipts, invoices, bank statements, and other relevant documents. Different States and jurisdictions may have specific requirements regarding record-keeping, so it’s advisable to consult local tax regulations or a Bookkeeper to ensure compliance with the rules applicable to your situation.
Patricia de Oliveira
Bookkeeper Professional
508-221-1874
Maple Bookkeeping Services
Please leave or read ratings and reviews on my ProAdvisor listing!
Warmest regards,
Patricia de Oliveira
Professional Bookkeeper
508-221-1874
Maple Bookkeeping Services
Please leave or read ratings and reviews on my ProAdvisor listing!
