We're revising our T&E policy and want to know what others use for requiring a receipt. The IRS limit is $75—does anyone use a lower amount?  If so, what?

We worked through this recently as well. We were requiring a detailed/itemized receipt for any transactions exceeding $25 and recently adjusted the policy so that a receipt is still required for any transaction exceeding $25 - but we are only requiring a detailed/itemized receipt for transactions exceeding $75. It really came down to the amount of time we were spending chasing detailed/itemized receipts for expenses between $25-$75. We evaluated how often we would find policy violations on transactions in that range and we found that the costs for the time spent chasing those items far outweighed the few policy violations that were found.

We use the following in our T&E policy as it pertains to receipts. Company card transactions over $75 require a receipt. Itemized receipts are mandatory for all purchases, including meals. Credit card or bank statements are NOT valid receipts. All cash reimbursement requests require a receipt, except tips of $5 or less. Hope that helps!