IRS Requirements for Documenting Cell Phone Use
April 2, 2007 (Vol. 28, No. 7)
Here’s what the IRS’ Publication 946 says you need to include in your enterprise’s cell phone use “account book, diary, log, statement of expense… or similar record or other documentary evidence” in order to follow the guidelines on recordkeeping for listed property:
“Your records or other documentary evidence must support all the following. • “The amount of each separate expenditure, such as the cost of acquiring the item, maintenance and repair costs, capital improvement costs, lease payments, and any other expenses.
• “The amount of each business and investment use (based on appropriate measure, such as mileage for vehicles and time for other listed property), and the total use of the property for the tax year.
• “The date of the expenditure or use.
• “The business or investment purpose for the expenditure or use.” (