QuickBooks Data and the IRS

The Sleeter Group posted an article last week focusing on your QuickBooks data file and the IRS. There are some interesting points in the piece that you might not know about. For example:

  • IRS agents receive QuickBooks training, and may request your data file as part of an audit
  • Small businesses are under the same rules as larger ones when it comes to electronic recordkeeping.  That means keeping backups for years.
  • Updated QuickBooks files – for example, that have been recreated after a computer crash – aren’t considered original and don’t meet electronic document requirements.

It’s perhaps a good time to test your QuickBooks backup procedure, and develop a long-term electronic records keeping policy to keep up with your physical records policy.

Bernard Roesch About Bernard Roesch

Bernard Roesch is co-founder and Managing Partner of Mission Consulting. Bernard’s background in the early years of his career was spent in the manufacturing sector, making his QuickBooks perspective a unique one – he understands the intricacies of a complex environment and then applies his strategic skills accordingly.