S.D. Admin. R. 64:06:01:35.03

Current through Register Vol. 50, page 159, June 17, 2024

Section 64:06:01:35.03 - Records to be preserved for three years - Penalty for failure to maintain records

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.

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.

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.

S.D. Admin. R. 64:06:01:35.03

11 SDR 1, effective 7/19/1984; 13 SDR 129, 13 SDR 134, effective 7/1/1987; 16 SDR 76, effective 11/1/1989; 21 SDR 219, effective 7/1/1995; 27 SDR 9, effective 8/7/2000; 28 SDR 178, effective 7/1/2002; 30 SDR 58, effective 11/5/2003; 32 SDR 225, effective 7/3/2006.

General Authority: SDCL 10-45-47.1(4), 10-45D-13(4), 10-46-35.1(4), 10-46E-11(4), 10-52A-7(4), 10-59-38(2), 49-31-51.1(3).

Law Implemented: SDCL 10-45-45, 10-45D-12, 10-46-2, 10-46-39, 10-46E-8, 10-52A-6, 10-59-3, 10-59-7, 10-59-16, 49-31-51.1(3).