Maintaining complete and accurate business records can help support the information reported on your business personal property listings and make any future compliance reviews easier to complete.
It is helpful to retain records such as financial statements, tax returns, construction invoices, and asset receipts. Compliance reviews may include the current year and up to five prior years, so keeping documentation for at least six years is recommended.
Retaining receipts for equipment that is still in use, even if the equipment is more than 10 years old, can also be beneficial. These records help verify original costs if questions arise. When documentation is not available, the County must rely on the best information available to determine original cost and market value, which may not always reflect the business’s actual records.
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