Important!

Disaster Relief: Revenue will work with businesses that cannot file or pay their taxes on time due to recent wildfire damage or other natural disasters. Learn more about disaster relief.

Ayuda por desastres: El Departamento de Ingresos trabajará con las empresas que no puedan presentar o pagar sus impuestos a tiempo debido a los daños causados por incendios forestales u otros desastres naturales. Conozca más sobre la ayuda en caso de desastre.

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  5. Record Keeping Requirements

Record keeping requirements

Good record keeping is an important element of running a successful business. The law requires businesses to keep complete and adequate records for a period of at least five years. In general, records should be kept that provide:

  • The amount of gross receipts and sales from all sources, including barter or exchange transactions.
  • Supporting documentation for all deductions, exemptions, or credits claimed.

Other important records to keep include:

  • Federal income tax returns
  • Washington excise tax returns
  • General and subsidiary ledgers
  • Sales and/or cash receipts journals
  • Sales invoices Purchase/cash disbursement journals
  • Purchase invoices for assets and expense items
  • Financial statements

Reference: WAC 458-20-254