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Podcast: Belk on Business
Episode: Bookkeeping and Recordkeeping Requirements - Episode 78
Description: Bookkeeping and Recordkeeping Requirements
1) No requirement as to how you keep your books, but you are required to keep books. Methods include ledger sheets, spreadsheets, online bookkeeping software, desktop bookkeeping software and industry specific software with accounting functionality
2) If books are not kept, the IRS can charge a 20% accuracy penalty
3) Keep income tax returns along with proof of mailing or filing (delivery receipt, e-file verification) indefinitely
4) Keep supporting documents used to compute income and expenses (invoices, receipts, etc.) for three years from filing for two years from payment, whichever is later<...