Re: [GNC] U.S. Small Biz Question: Keeping Original Printed FI Statements
On Sun, 15 Sep 2019, Greg Feneis wrote: If any of you in the US has been audited recently, and don't mind writing about it, did they require everything be printed on paper for them to look at? Did they require everything be the originally printed paper item issued by the financial institution or actual receipt from the vendor, etc.? Greg, I've not been audited and have run my sole practitioner consultancy since 1993. My accountant told me that record retention time is now 4 years (I keep all paper in monthly folders for each year and recycle those of the fifth prior year each January) and that digital records are fine. I send her pdf balance sheets and income statements each month and she now submits my business and personal taxes (federal and state) online; I don't think the IRS accepts paper any more, at least from small businesses. On the other end, news reports are that the IRS lacks personnel and this has affected all their operations. I suggest you consult with _your_ accountant for a local opinion. Regards, Rich ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] U.S. Small Biz Question: Keeping Original Printed FI Statements
Hi Folks, I started a sole proprietorship in the US in 1997. Based on my best understanding of advice I got back then, I've always kept/stored paper financial statements, cash receipts, etc. in case a taxing entity audits me. If any of you in the US has been audited recently, and don't mind writing about it, did they require everything be printed on paper for them to look at? Did they require everything be the originally printed paper item issued by the financial institution or actual receipt from the vendor, etc.? I'd really like to switch to digital storage of things (paperless as the FI's like to promote to me, nearly to the point of harassment), and I suppose I could print stored documents, whether PDF from the financial institution's web site or scanned invoice or receipt from a vendor, if required, when and if I ever actually get audited. Digital storage would allow me to reference various items directly from transactions in GnuCash, which would be very handy. You're thoughts are appreciated. Kind regards, Greg Feneis ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
