View unanswered posts | View active topics It is currently Fri Nov 22, 2024 8:01 pm



Post new topic Reply to topic  [ 2 posts ] 
 Maintenance of Records of Business 
Author Message

Joined: Tue Jul 20, 2010 7:09 am
Posts: 21
Post Maintenance of Records of Business
By law, one must keep financial records which are reliable and provide an accurate view of the business. Internal Revenue Code Section 6001 requires businesses to keep records appropriate to their trade or business. The IRS has the right to view these records in the event they want to audit the business's tax return. If they do not like what they find, the penalties can be deadly to the business and own personal financial well-being. In addition to the IRS's ability to audit the books, states often have laws requiring such records and surprise auditors who show up unannounced insisting on seeing the state tax records. Good record keeping is essential for any business. From the beginning, there are three types of records the business should absolutely maintain: a record of expenses, a record or income, and a record of assets.


Tue Jul 20, 2010 7:18 am
Profile

Joined: Wed Jul 21, 2010 8:25 am
Posts: 44
Post Re: Maintenance of Records of Business
First record, then pay; if there is an error, trace it from the records. Human memory is short. Even the most brilliant executive or manager cannot accurately remember what he might have observed regarding the daily operations. He need not strain his memory unnecessarily, if proper and complete records of all business transactions are kept regularly. More-over, records can be used by different officials for different decision-making purposes.


Wed Jul 21, 2010 8:33 am
Profile
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 2 posts ] 


Who is online

Users browsing this forum: No registered users and 31 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group.
Designed by Vjacheslav Trushkin for Free Forums/DivisionCore.