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Can you summarize 280 RICR 20-70-12.8?
Record Requirements (280-RICR-20-70-12) > Inadequate Records and/or Lack of Internal Controls
Short Summary
This document, part of the Rhode Island Code of Regulations, specifically the Department of Revenue’s Division of Taxation, pertains to the record requirements for Sales and Use Tax. It states that in a detailed audit, the Tax Administrator and/or their agents must be able to ensure the accuracy and completeness of the transaction records recorded in the taxpayer’s record-keeping system, including magnetic or electronic POS systems. The document outlines various criteria that would render a taxpayer’s records inadequate, such as failure to verify sales receipts, failure to verify taxable status of purchases, and failure to make records available to the Tax Administrator. It also mentions that if a taxpayer’s records are considered inadequate or their POS system lacks internal controls, they may be subject to an estimated methodology to determine additional tax due, penalties and interest, criminal penalties, and suspension or revocation of their sales tax permit.
Whom does it apply to?
Taxpayers
What does it govern?
Record Requirements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Subject to an estimated methodology to determine additional tax due, penalties and interest, criminal penalties, and suspension or revocation of sales tax permit.
Jurisdiction
Rhode Island