Finanzas ComercialesPregunta 1169 de 1605
For how long should a contractor generally retain business and tax records to support filed returns and defend against audits?
a.At least several years (commonly cited as a minimum of 3-4 years or longer)
b.6 months
c.30 days
d.Records need not be kept at all
Explicación
Tax authorities generally can audit returns for several years, and contract/lien issues can arise for years after a job. Contractors should keep contracts, invoices, payroll, and tax records for at least three to four years (longer for employment and some tax records) to support their filings and defend disputes.
Referencia Legal: Business & Professions Code §7111 / IRS guidancePractica las 1605 preguntas gratis — sin registro.
Preguntas relacionadas de este tema
- A $50,000 piece of equipment has an estimated salvage value of $5,000 and a useful life of 9 years. What is the annual straight-line depreciation?
- Which of the following would typically be DEPRECIATED rather than expensed in the year purchased?
- Under a Section 179 election, a small contractor may be able to:
- Accurate job-cost records are important primarily because they:
- Which record-keeping method records revenue when it is EARNED and expenses when they are INCURRED, regardless of when cash changes hands?
- Under cash-basis accounting, a contractor records income when:
Última revisión: · proceso editorial
Sen Lin, Fundador de PrepPass · Verificado con California CSLB Contractor License Law & Business Exam · Cómo revisamos
Revisado por Abraham Chen — Licensed California General Contractor (CSLB License #1101856 — verificar)