How long do I need to keep sales receipt records for IRS? Storage solution?
What records are we required to save and what can we throw out? CenPOS saves receipts with instant retrieval for 7 years.
How are you retaining records now and how easy would it be to retrieve specific data? Below we examine the records related to business income and how CenPOS can help you meet these requirements. There is no definitive answer for records retention from taxing and legal authorities, only general guidance and some rules.
The following information is to provide some general guidance and to help you with a dialog with your professionals, who can address specific requirements. In addition to IRS rules and requirements, some of the recommendations may apply to state and/or other federal regulatory rules (such as the Department of Labor, etc). Certain professions have specific rules dictated by their licensing bodies. For instance, in Florida, medical records must be kept five years from the last contact with the patient.
The Internal Revenue Service has stated:
“Records such as receipts. cancelled checks, and other documents that support an item of income or a deduction appearing on your tax return should be kept until the statute of limitations expires for that return. Usually this is three years from the date the return was due or filed, or two years from the date the tax was paid, whichever is later. There is
no statute of limitations when a return is false or fraudulent or when no return is filed.
The following is a non-IRS list of recommendations for income records retention:
Accounts receivable ledgers and schedules – 7 years
Bank statements and reconciliations – 7 years
Cash register tapes – 7 years
Sales tax returns – 7 years
CenPOS provides 7 years record retention regardless of the payment input location. Additionally, you can pull receipts, including signed receipts, on demand at no additional cost. Export all data as a CSV file. Whether your customer pays in person, online, or over the phone, CenPOS is the hub for all electronic payments. If you are subject to an audit and need a large number of records, you can contact our support team for large retrieval alternative options.
Retrieve and reprint receipts for 7 years with any custom date selection. Over 20 standard fields, plus custom fields are stored.
Founded in 2009, Miami-based CenPOS is a payment technology provider committed to providing its customers and partners with innovative solutions for today’s rapidly evolving consumer payment choices. CenPOS is an intelligent payment-processing network that streamlines the payment experience for businesses and consumers by using state-of-the-art technology to replace inefficient, outdated payment systems.
CenPOS Global sales: Christine Speedy direct (954)942-0483, HQ toll free: (877) 630-7960.Source: 3dmerchant.com