The Importance of Contemporaneous Substantiation … aka Getting Receipts

A taxpayer recently had over $9,900 of charitable contributions disallowed by the tax court.  Yes, the IRS and tax court takes receipts very seriously!

Joyce Ann Linzy, a self-employed tax preparer was recently taken into tax court after she was audited and the IRS disallowed deductions resulting in an IRS assessed deficiency of nearly 16,000 for the 2007 tax year.  The taxpayer had several problems with the return, and was able to get a few expenses allowed, but failed miserably in the realm of Charitable Contributions.

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Source: feeds.networkingphoenix.com

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