Charles E. Townsend learned that failing to keep the records required by section 274 on his car, travel, and entertainment means that neither the IRS nor the courts will give him those deductions. In summary, here is what happened:
Townsend lost $5,844 in claimed auto deductions using the IRS mileage rate because he had no mileage log.
He lost $6,840 in federal standard meal-rate deductions because he had inadequate travel records.
He lost another $6,884 in other travel expenses because he ... Log in to view full article.