Electronic Recordkeeping, Hard Copies and the IRS

Even if your system crashes, you still must be able to RECONSTRUCT your records to their specifications. Do you know what they are?  

Read about what you can and can’t do if you plan on storing your tax records electronically.  In many cases you need to keep hard copies – in print.  The IRS must be able to access your electronic media at any time it wants.  You need to know what you can and cannot do.  One thing you CAN’T DO is use the excuse “my computer hard drive crashed.” 

Read our post on the use of electronic media for saving tax & business records.