<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns="http://www.w3.org/TR/REC-html40"> <head> <title>Rule 64:06:01:35.03 Records to be preserved for three years -- Penalty for failure to maintain records.</title> <META NAME="Keywords" Content="Administrative Rules 64:06:01:35.03"> <META NAME="Description" Content="Administrative Rules 64:06:01:35.03 Records to be preserved for three years -- Penalty for failure to maintain records."> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=ProgId content=Word.Document> <meta name=Generator content="Microsoft Word 10"> <meta name=Originator content="Microsoft Word 10"> <link rel=File-List href="6406010003503d_files/filelist.xml"> <!--[if gte mso 9]><xml> <o:DocumentProperties> <o:Author>lrpr14533</o:Author> <o:LastAuthor>lrpr14296</o:LastAuthor> <o:Revision>2</o:Revision> <o:TotalTime>1</o:TotalTime> <o:Created>2006-06-30T16:36:00Z</o:Created> <o:LastSaved>2006-06-30T16:36:00Z</o:LastSaved> <o:Pages>1</o:Pages> <o:Words>215</o:Words> <o:Characters>1226</o:Characters> <o:Company>State of South Dakota</o:Company> <o:Lines>10</o:Lines> <o:Paragraphs>2</o:Paragraphs> <o:CharactersWithSpaces>1439</o:CharactersWithSpaces> <o:Version>10.4219</o:Version> </o:DocumentProperties> </xml><![endif]--><!--[if gte mso 9]><xml> <w:WordDocument> <w:GrammarState>Clean</w:GrammarState> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--> <style> <!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} span.GramE {mso-style-name:""; mso-gram-e:yes;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --> </style> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";} </style> <![endif]--><!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US style='tab-interval:.5in'> <div class=Section1> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><span style='mso-tab-count:1'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><b style='mso-bidi-font-weight:normal'>64:06:01:35.03.<span class=GramE>&nbsp;&nbsp;Records</span> to be preserved for three years -- Penalty for failure to maintain records.</b> All records pertaining to transactions involving sales or use tax, or telecommunications access fees liability must be preserved for not less than three years. Records on depreciating assets must be maintained until that asset is fully depreciated.</p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><o:p>&nbsp;</o:p></p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><span style='mso-tab-count:1'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>The records required for the audit must be presented to the auditor for examination on request by the secretary or authorized representatives. For purposes of this section, presentation to the auditor means physically handing over to the auditor those complete documents which are required to be kept by law and which are the subject of the audit.</p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><o:p>&nbsp;</o:p></p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><span style='mso-tab-count:1'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Failure to maintain and keep complete and accurate records is evidence of negligence or intent to evade the tax and may result in penalties or other administrative action.</p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><o:p>&nbsp;</o:p></p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><span style='mso-tab-count:1'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><b style='mso-bidi-font-weight:normal'>Source:</b> 11 SDR 1, effective July 19, 1984; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 16 SDR 76, effective November 1, 1989; 21 SDR 219, effective July 1, 1995; 27 SDR 9, effective August 7, 2000; 28 SDR 178, effective July 1, 2002; 30 SDR 58, effective November 5, 2003; 32 SDR 225, effective July 3, 2006.</p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><span style='mso-tab-count:1'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><b style='mso-bidi-font-weight:normal'>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-45-47.1">10-45-47.1(4)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-45D-13">10-45D-13(4)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-46-35.1">10-46-35.1(4)</A>, 10-46E-11(4), <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-52A-7">10-52A-7(4)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-59-38">10-59-38(2)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=49-31-51.1">49-31-51.1(3).</A></p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><span style='mso-tab-count:1'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><b style='mso-bidi-font-weight:normal'>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-45-45">10-45-45</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-45D-12">10-45D-12</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-46-2">10-46-2</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-46-39">10-46-39</A>, 10-46E-8, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-52A-6">10-52A-6</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-59-3">10-59-3</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-59-7">10-59-7</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=10-59-16">10-59-16</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=49-31-51.1">49-31-51.1(3).</A></p> <p class=MsoNormal style='text-align:justify;tab-stops:.4in .6in .9in 1.1in 1.4in 1.6in 1.9in 2.1in 2.4in 2.6in 2.9in 3.1in 3.4in 3.6in 3.9in 4.1in'><o:p>&nbsp;</o:p></p> </div> </body> </html>