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

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

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

Rich Shepard
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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