What records must be kept?
Vendors are required to keep complete records of daily sales, tax charged and exemption certificates. All records of daily sales and tax charged must be retained for four years and must be open for inspection by agents of the Tax Commissioner. Blanket exemption certificates must be maintained for at least four years after the final sale is made to the purchaser who issued the certificate. The Tax Commissioner may allow the records to be destroyed early or may request that they be kept longer. Restaurateurs and other food service operators, licensed under Section 3732.03 of the Ohio Revised Code, are allowed to maintain records for only 14 days per calendar quarter. The specific dates for which records must be kept are determined by the Tax Commissioner four times a year.
By Tony Negline. This article may be out of date. 31st August 2005 Keeping records is a very important part of running a superannuation fund. But as with all administrative issues surrounding superannuation there are formal laws that must be followed. But equally, and in some cases more importantly, there are practical issues about what records super fund trustees should keep about their fund. As we shall see a lot of information has to be kept for many years. What is the best way to store all the paper-work? Some argue that you are best to scan all paper-work into electronic files and then keep good back-ups of these files. But even this is not fool-proof because over time the file formating or software are often superseded and old documents can’t be read with updated software. Where should it be stored? Some super fund administrators will keep documents for you. Others leave it all up to the trustees.
Any business dealing in guest/tenant/transient accommodations is responsible for maintaining records such as guest checks, general ledgers, tax payments and federal income tax returns. All tourist development tax records must be kept for five years and made available for audit at the place of business.
