Electronic recordkeeping allowed

Article Abstract:

Notice 96-10 and IR-96-2 both discuss a proposed Revenue Procedure regarding the use of electronic imaging systems instead of paper records to manage taxpayer books and records. An imaging system is defined as electronic technology for preparing, recording, imaging, indexing, storing, retrieving and reproducing books and records, with the originals being in hardcopy format. The proposed Procedure requires the imaging system to develop precise and comprehensive electronic images of hardcopy documents with reliable controls. These controls protect the integrity, accuracy and reliability of the systems, and prevent the manipulation of imaged document without permission. Taxpayers using electronic imaging systems should have an inspection and quality assurance program, an index retrieval system, and the capability to reproduce a legible and readable hardcopy of an imaged document.

Tax administration and procedure, Tax administration, Records management, Electronic filing systems

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Passive activity regs. require more sophistication in recordkeeping

Article Abstract:

Taxpayers must now maintain complex records of passive activities in order to obtain maximum tax benefits. Recordkeeping must be organized on an activity-by-activity basis, and must comply with material participation standards. Because disposition of interest in an activity triggers recognition of previously suspended passive losses, frequent projections are necessary to determine whether disposition will be advantageous. Adequate taxpayer records are essential to such projections, especially when evaluating year-end tax planning opportunities.

Analysis, Interpretation and construction, Tax law, Passive activity (Taxation), Business records

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