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Prove it or Lose It - Why recordkeeping matters

You've heard about recent increases in IRS enforcement resources. With heightened audit activity from the IRS, it behooves you now more than ever to keep a watchful eye on your records. 

Don’t wait until the end of the year to gather up any documentation required for your year end information returns or tax return filing: 

  • Personal use of business assets
  • Meal expenses over $75—be sure to document WHO was there, WHAT was discussed, or other purpose of the business meal
  • Mileage log for business autos
  • Reimbursement policy and receipts for employee business expenses
  • W-9 forms for all subcontractors (for preparing 1099 forms in January)
  • Review donations of wine for your business (and gather documentation of any individual charitable contributions for your personal taxes)