Vladimir:

The IRS says very little about how you do it as long as you do it with accuracy to substantiate your income (profit and loss) and expenses/deductions, etc.  http://www.irs.gov/publications/p583/ar02.html#d0e1577 is a general statement on starting a business and recordkeeping.  There are other publications as well.  I would check out irs.gov and search on records or recordkeeping, as I know there are other publications out there that I have referenced in the past.

Tod Chernikoff, CRM
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twitter.com/tchernik


--------------------------------------------------
From: "Alfaro, Vladimir" <[log in to unmask]>
Sent: Friday, June 04, 2010 12:25
To: <[log in to unmask]>
Subject: [RM] IRS RULES/GUIDELINES FOR THE MAINTENANCE OF PAPER INVOICES

Good morning!
 
Need a little help from the list.  We are in the process of implementing our RRS as it applies to our AP files.  In addition to this implementation, we are also developing a new application that will allow us to scan paper invoices directly to our ECM tool. I am wondering if someone is aware or knows if the IRS requires or has a mandate to keep paper invoices or will the electronic scanned version of the invoice will be sufficient as a record in lieu of the paper invoice.
 
Any assistance pointing me in the right direction will be much appreciated.

Thanks,
 
Vladimir
 
Vladimir G. Alfaro
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(212)715-0393
 

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