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

Matthew O'Brien

With over 20 years of experience in the digital media world, Matthew has worked for and with Fortune 500 businesses and has built companies from the start-up stage to exit strategy. He recently helped develop a data insight engine to bridge the gap between search, social, and mobile marketing to maximize the visibility, relevancy, and predictive success of online businesses.

Matthew is the founder of MINT Social, an award-winning digital marketing company that accelerates online marketing results to help businesses get found and thrive online. 

Matthew has developed an educational curriculum for Universities on social media for businesses, is a founding board member of the Arizona Innovation Marketing Association (AZIMA), a board member of HeroZona Foundation and on the advisory board (Vinnies) for St. Vincent de Paul - Phoenix.  Matthew is a mentor with ASU Entrepreneurship and Innovation Group, a speaker on social media and digital marketing, and is a subject matter expert with many online portals.

View all of Author Matthew O'Brien posts.

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