[GNC] U.S. Small Biz Question: Keeping Original Printed FI Statements

Rich Shepard rshepard at appl-ecosys.com
Sun Sep 15 14:46:03 EDT 2019


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


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