18-125 C.M.R. ch. 103, § 2 - Recordkeeping requirements-Generally; for registered retailers

1. Every taxpayer, including every retailer required to be registered under 36 M.R.S., Chapter 211 and every service provider required to be registered under 36 M.R.S., Chapter 358, must maintain all records that are necessary to determine the correct tax liability. All required records must be made available on request by the Assessor as required by 36 M.R.S. §112(4).

2. A taxpayer that captures the required records in machine-sensible format must maintain those records for as long as is required by 36 M.R.S. §135(1) and Section 9 of this rule. In the case of sales tax, this means at least 6 years. These records must upon request be made available to the Assessor in machine-sensible format as described in Section 5, including permitting the transfer of the records onto a laptop or other computer in the possession and control of the Assessor.

3. A taxpayer may demonstrate tax compliance with hard-copy documents or reproductions thereof, in whole or in part, whether or not the taxpayer also has retained or has the capability to retain records on electronic or other storage media in accordance with this rule. However, this subsection does not relieve the taxpayer of the obligation to comply with subsection 2.

4. Records kept by a taxpayer doing business in this State must include all bills, receipts, cash register tapes, sales invoices, purchase invoices, and any other documentation supporting the entries made in the books of account and ledgers typically maintained by the prudent business person, as well as all related reports produced from these records. The records must also include all documents, schedules, or work papers used in connection with the preparation of tax returns filed by the retailer or other taxpayer.

Taxpayers must maintain at a minimum the following information:

A. Detailed records of all taxable sales of tangible personal property made in Maine, including all components of the total sale price of suchsales.

B. Detailed records of all taxable sales of taxable services made in Maine, including all components of the total sale price of suchsales.

C. Detailed records of all exempt sales of tangible personal property or taxable services made in Maine, including all components of the total sale price of suchsales.

D. Detailed records of all purchases of tangible personal property and taxable services purchased for use or consumption in Maine, including all components of the total purchase price of suchitems.

Notes

18-125 C.M.R. ch. 103, § 2