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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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I am a pastor of a local church. We have been involved in a ...

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I am a pastor of a local church. We have been involved in a building project and have been documenting the expenses as they have occurred over a three year period. What I have found is that there are some missing receipts. We have a checking statement and check image of the payment but no receipt. Is this good enough for documentation purposes or do I need to take personal responsibility for the expenditure when no receipt can be found. I would also add that most of the receipts in this nature deal with contracting services where contact of the party is all but impossible.
Submitted: 9 years ago.
Category: Tax
Expert:  Lev replied 9 years ago.

Please see this article provided by the IRS for required supporting documents - http://www.irs.gov/businesses/small/article/0,,id=98551,00.html

Purchases are the items you buy and resell to customers. If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into finished products. Your supporting documents should show the amount paid and that the amount was for purchases. Documents for purchases include the following:

  • Canceled checks
  • Cash register tape receipts
  • Credit card sales slips
  • Invoices

Expenses are the costs you incur (other than purchases) to carry on your business. Your supporting documents should show the amount paid and that the amount was for a business expense. Documents for expenses include the following:

  • Canceled checks
  • Cash register tapes
  • Account statements
  • Credit card sales slips
  • Invoices
  • Petty cash slips for small cash payments
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