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Re: [LUG] Quicken Files

 

Neil Williams wrote:

> in fact if (like me) you end up
> facing a tax review, digital documents are not likely to be acceptable.
> I had to photocopy 3 years of bank and credit card statements,
> surrender the *originals* and get them back when the review was
> complete. This isn't a minor problem. ;-)

Especially when, in my case, I don't receive any paper statements for
quite a number of accounts (nor bills, come to that).  I've had credit
cards (and Etrade accounts, come to think of it) where paper statements
never exist and are never intended to exist.

> I would recommend that you reconsider - to the best of my knowledge,
> digital records are next to useless for 'official' (government/tax)
> purposes. The exception is a digital copy of your submitted tax return
> because the format of that file is fixed and acknowledged. There is no
> such acceptance of QIF, Quicken, GnuCash, SAGE or anything else.
> Government may appear stupid but there are limits.

They might *want* paper "originals" for the purposes of an
investigation.  Whether they could insist is another matter.  I wonder
if it's been tested in court?  Could be an interesting question -- if
"records" are deemed to mean hard copy, then I don't need to worry about
keeping my banking records, because there aren't any :)

James

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