The Tax Lawyer, Robert Wood “Need A Tax Receipt?” (Forbes)
Friday, March 25, 2011 at 03:41PM So you’re doing your tax return but don’t have a receipt? Diehard Seinfeld fans may remember that in ‘‘The Truth,’’ Episode 19, aired Sept. 25, 1991, the IRS questioned Jerry about a $50 charitable contribution to the people of Krakatoa. In fact, the IRS normally doesn’t require as much substantiation of charitable donations less than $250, so Jerry’s check or bank statement would have sufficed. For more about Seinfeld and taxes, see Omnipresent Seinfeld Episodes Contain Ample Clues About Tax Policy.
More generally of course, receipts are critical. But if you can’t find one, remember the Cohan Rule, emanating from Cohan v. Commissioner. George M. Cohan was an early Broadway pioneer, authoring such hits as “Give My Regards to Broadway” and “Yankee Doodle Boy.” His statue still commands Times Square. But the IRS disallowed Cohan’s travel and entertainment expenses for lack of receipts.
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