SparkReceipt’s scanning feature is designed to create digital copies of your receipts that are generally compliant with IRS guidelines, meaning that in most cases, you can rely on these digital copies for tax purposes and discard the physical receipts.
According to IRS regulations, digital copies of receipts are acceptable as long as they meet certain criteria:
Legibility and Accuracy: The scanned copies must be clear and legible, capturing all the necessary details such as the date, vendor name, amount, and nature of the expense. SparkReceipt’s smart AI scan feature is designed to ensure that the essential data is accurately captured and extracted from the scanned images.
Integrity of Records: The IRS requires that digital records must be stored in a way that prevents alteration after they are initially scanned. SparkReceipt’s system ensures that the scans are stored securely and are unaltered, maintaining the integrity of your financial records.
Accessibility and Readability: The digital records must be easily accessible and readable if needed for IRS reviews or audits. SparkReceipt organizes and stores your scanned receipts in a manner that allows for easy retrieval and display, complying with these requirements.