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T&E Receipts
While the IRS is flexible on what qualifies as T&E expense documentation, the information they want that documentation to include is clearly defined.
The following is required to document hotel stays and meals:
1) Name and location of the hotel or restaurant
2) Date of the stay or meal
3) Number or people served
4) For hotels, charges other than lodging listed separately
5) For meals, charges other than food or drink listed separately
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TAPC Tool
Disaster Recovery and Business Continuity Planning Tool Kit
Get this comprehensive tool that guides you through developing a business continuity plan.
Go to the AP Store.
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TAPN Audio Conference Recording:
How to Tighten Control of Your P-card Program
with Lynn Larson of NAPCP
Information • Earn 1 CEU
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Happy New Year
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The new year is a time for fresh starts – at least that's what we like to believe. We want to think now is when we will resign ourselves to become more organized, more athletic, or more assertive. But, like many things, keeping a new year's resolution is easier said than done.
That's why this issue features a resolution anyone can keep: update your records retention policy. This issue offers tips for keeping adequate transaction records including what counts as documentation and how long records should be stored. As for your other resolutions, good luck. |
| Patrick Harbin – Editor
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Before You Throw That Receipt Away... |
Between invoices, purchase orders, receipts, packing slips, and vendor information, the AP department is responsible for keeping track of a great deal of transaction records. What to do with all these records once the transaction is complete can be a significant challenge for AP.
While each business has its own rules for handling transaction records, the following information can help make sure your record retention policy is efficient and effective:
- The IRS "generally" requires 1099 records be kept a minimum of three years from the return's due date (four years for 1099-C and if backup withholding was imposed).
- Escheatment records should be kept for 10 years, although states may require older records during an audit.
- For T&E expense reimbursement, the IRS requires documentation for all purchases $75 or more. Many businesses require receipts for $25 or more.
Although records retention and destruction policies typically vary by business, it's important to be aware of IRS rules regarding records. Be sure to check out the TAPN audioconference recording, IRS Rules for Electronic Storage and Record Retention, featuring Denise Johnson of Balance Consulting, before shredding those old files. More information
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| Retailer Invoiced for Listening to the Radio |
A clothing store in Dawson Creek, British Columbia, was shocked recently when it received a bill for $1,500 from the Canadian music industry. According to an article published in the Grande Rapids Herald-Tribune, the Neighbouring Rights Collective of Canada billed her for public exhibition of copyrighted music.
The store owner, who plays an FM radio as background music for shoppers, is subject to a Canadian law passed in 2006 requiring business to pay royalties for background music. Visit TAPC for the full story.
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Just for Fun! |
Do you have an elephant in your computer? Chances are you actually have several of them in the form of massive programs that can bring your computer to a grinding halt just by opening them.
Downloadsquad.com has put together a list of the five most annoying programs on your PC. Featuring programs such as Adobe Acrobat and Outlook, this list will prove that everyone's computer slows down when loading a PDF, not just yours.
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