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There are a lot online bookkeeping services which allow

importing transactions from bank accounts...
there are a lot online bookkeeping services which allow importing transactions from bank accounts and credit card accounts. my question is are imported transactions treated as e-receipts for tax audit purpose?
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Answered in 15 minutes by:
3/14/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,039
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out with this.

The imported transactions will not count as receipts for tax audit purposes. Technically, you should have the actual receipts or scanned copies of them. The IRS does not need to accept bank statements or credit card statements as substantiation (but often will if its obvious what the expense is). So, you should always have some copies of original source documents.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
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Experience: Adjunct Professor
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