Strict T&E Recordkeeping Rules for Employees Who Foot the Bill for Expenses
November 2005
While legendary song-and-dance man George M. Cohan was on the road giving his regards to Broadway, he didn’t collect receipts. As a result, he had to do some fancy footwork in court to keep his business travel deductions. This case led to the famous Cohan Rule that says if T&E receipts are lacking, you can estimate the amount for tax deduction purposes [Cohan, 39 F.2d 540 (2d Cir. 1930)].
2009
