Samples are an important part of an IBO’s Business.
Should the IRS audit an IBO’s business, the IBO will be called on to prove the cost of the samples deducted and, when possible, to whom the samples were given.
Proof of cost will be Amway’s invoice for the product samples. Therefore, it is very important to keep your Amway invoices.
It is important to note that Amway only keeps invoices for 18 months, and since most audits occur a couple years after the fact, IBOs should keep Amway invoices for a minimum of four (4) years.
- Joe DePetris, CPA
Joe DePetris Contact Information:
2019 N. Lamar, Suite 240
Dallas, Texas 75202