RE>Records Retention 4/25/00
Vicki -
another source of EDI recordkeeping guidance would be our web site at
www.taxadmin.org/fta/ftapub_rr.html
This page includes a downloadable file - the Model Recordkeeping and
Retention Regulation - that was developed in 1996 and to date has been adopted
by about a dozen states, with 5-6 more expected soon. It addresses EDI
recordkeeping for state tax purposes.
The IRS subsequently modified their own guidance (Revenue Procedure 98-25) and
it is largely similar to the model reg. It specifies the requirements that
IRS considers to be essential in cases where a taxpayer's records are
maintained within an Automated Data Processing system.
Our EDI and Audit Group (description below) has developed a number of White
Papers including ones on auditing electronic data, and evaluated receipts
settlement & tax compliance processes.
For more information you may wish to correspond with:
Stephanie Rosenbusch
Federation of Tax Administrators
[EMAIL PROTECTED]
Sincerely,
Jonathan Lyon, FTA
E-mail: [EMAIL PROTECTED]
Phone: 202-624-5894
Fax: 202-624-7888
____________________
TASK FORCE
Since September 1994, the Federation of Tax Administrators has coordinated a
Task Force of
tax administrators and taxpayer representatives to examine the issues
presented for tax
administration by the adoption of new business processes and technologies such
as electronic
data interchange, purchasing cards, evaluated receipts settlement, etc. The
Task Force is
chaired by Stanley Arnold, Commissioner of the New Hampshire Department of
Revenue
Administration, and consists of representatives of the Committee On State
Taxation, Institute
for Professionals in Taxation, Tax Executives Institute, Federation of Tax
Administrators and
the Multistate Tax Commission.
To this point, the Task Force has examined records retention issues for
electronic transactions
and records, auditing electronic records, procurement cards, evaluated
receipts settlement
issues and direct pay. It has projects underway in the areas of direct pay,
electronic exemption
certificates, managed compliance agreements and sampling.
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