I don't remember seeing this topic discussed - if it is old news just let
Last week I was invited to a short presentation given by our tax
department. This was a review of a bigger/longer meeting given by the Tax
Department's consultants regarding the Disclosure of Reportable
Transactions - effective January 1, 2003.
Although the focus was on understanding Reportable Transactions, two
records management issues were very obvious:
1. identifying the documents/data related to a given reportable
2. collecting these records or establishing a reliable link to all
3. complying with the retention as stated in the regulation 26CFR1.6001-4
" . . . until the expiration of the statute of limitations applicable to
the final taxable year for which disclosure of the transaction was required
under this section."
Has anyone already determined a preferred method for identifying and/or
collecting the relevant records (paper and/or electronic)?
It seems to me that if we don't create a specific collection to document
the reportable transaction then we will find ourselves in the position of
keeping everything for ever.
Any thoughts? Am I missing part of the story?
God Bless America
Mary W. Haider, Records Manager
W.W. Grainger, Inc.
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