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Category: Tax
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By California law what paper record is my S. Corp. required

Resolved Question:

By California law what paper records should my S. Corp. keep? I'd like to go as paperless as legally possible.
Submitted: 6 years ago.
Category: Tax
Expert:  CGCPA replied 6 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

You are not required to keep any paper records as long as you retain an electronic copy of all documents (bank statements, canceled checks, journals, paid bills). These electronic records should be capable of producing paper copies of any and all items if requested. You should also keep copies of tax returns, again, electronic or paper is acceptable if paper copies can be produced from them.

Customer: replied 6 years ago.
Are you certain, because I read that by law we are required to keep some paper records of such items as contracts, invoices, and authorization forms.
Expert:  CGCPA replied 6 years ago.
Electronic copies are acceptable IF they can be used to produce paper copies. That is shown by banks no longer returning original checks.
Customer: replied 6 years ago.

Thank you for the explanation. Does the mentioned digital replacement of paper hard copies include original copies of signed agreements?
Expert:  CGCPA replied 6 years ago.
Yes, it does. Electronic copies of these documents are also accepted at the Federal level.
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