Generally, it's best to have receipts for business expenses for proper documentation and IRS compliance. While some smaller expenses might be accepted without receipts, having detailed records strengthens deductions during audits. The IRS expects accurate records to support claimed business expenses, ensuring their legitimacy and justifiability.

To amend a corporate tax return, complete Form 1120X with corrected information. Attach supporting documents and explanations for the changes. Mail the form to the IRS address provided, including any necessary payments or refund requests. Accuracy and clarity in detailing amendments are crucial for smooth processing.

No, you shouldn't pay personal expenses from your business accounts. Mixing personal and business expenses can complicate tax filings and raise red flags during audits. Deducting personal expenses as business expenses is not permissible and can lead to penalties or audits by tax authorities. It's essential to maintain clear separation between personal and business expenses for accurate tax reporting.

Maintaining tax compliance is crucial for businesses to avoid penalties, fines, or legal issues. It ensures adherence to laws and regulations, fostering trust with authorities and investors. Being tax compliant bolsters a company's reputation, financial stability, and eligibility for government programs or contracts. It also mitigates risks and establishes a foundation for sustainable growth and operations.