Posts Tagged ‘recordkeeping requirements’

Important Information for All Small Business Owners and the Self Employed

Tuesday, March 20th, 2012

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice.

One of the most often asked questions by either new or existing business owners is “What records am I required to keep?” or “How long should I keep all of these business records?”  The Internal Revenue Service provides some excellence guidance for these requirements.  Additionally, these same requirements are applicable for your accounting and financial record keeping.   

Here are the links to answer each of the questions:

1.  Why should I keep business records?  http://www.irs.gov/businesses/small/article/0,,id=98557,00.html 

2.  I am planning to start my own business.  What business records should I have and keep?   http://www.irs.gov/pub/irs-pdf/p583.pdf

3.  How long should I store and retainmy business records?  http://www.irs.gov/businesses/small/article/0,,id=98513,00.html

4.   What types and kinds of records should I have, and retain?  http://www.irs.gov/businesses/small/article/0,,id=98551,00.html

5.  All of my business records will be in electronic format.  Will the IRS accepts these records or will I have to always provide them with paper documents?  http://www.irs.gov/businesses/small/article/0,,id=229050,00.html

There is also some valuable additional information on this subject: (more…)