Bryan Camp has published an article on the TaxProf Blog, titled Lesson From The Tax Court: Receipts Are Not Enough. The article begins as follows:
In Anna M. Armstrong v. Commissioner, T.C. Sum. Op. 2020-26 (Sept. 17, 2020), Judge Panuthos teaches that substantiation does not just mean showing the amount of an expense; it means showing entitlement to deduct that expense. It’s an exemplary lesson in substantiation, including a review of the Cohan doctrine, and of the home office deduction. Along the way, we learn just how tax practitioners can give value to their clients: teach them that receipts are not enough.
Click here to see full article: Lesson From The Tax Court: Receipts Are Not Enough.
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.