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Q:  What kind of records do I need to maintain?

A: 

You should have the following records for the audit period available:

·          Excise tax returns and any work papers used to prepare them

·          Federal income tax returns for the business

·          Summary accounting records and source journals, such as check registers, the general ledger, sales journal, general journal, cash receipts journal, and any other records you use to record income and expenses

·          Sales invoices

·          Purchase invoices (i.e., accounts payable, receipts)

·          Depreciation schedules listing all assets acquired during the audit period, along with purchase invoices for those assets

·          Reseller permits/resale certificates for any wholesale sales made

·          Supporting documentation for all deductions and exemptions

 

More information
More audit information
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