Aside from the U.S. Treasury, the only group that stands to profit from the Internal Revenue Service's new ruling on expense account spending is the nation's credit card companies. Already a $425 million-a-year business, the card companiesĀled by Diners' Club. American Express, and Carte BlancheĀhope to grow still bigger by trading on an unusual commodity: embarrassment. Since IRS Commissioner Mortimer Caplin has ruled that expense account items for entertainment costing $25 or more must be substantiated, they are counting on businessmen to avoid the unpleasantness of asking for a receipt in front of guests by flashing a credit...
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