My CPA says there is no such thing as a $75 rule for receipts on vehicle expenses. He says I need receipts for all my car expenses. Can you give me the rule that says I do not need receipts if the vehicle expense is less than $75? (J. L., San Francisco, CA)

Certainly! The new $75 rule is contained in IRS regulation section 1.274-5(c)(2)(iii), and the best explanation of what this rule says is found in ... Log in to view full article.