Tax Type
Corporation Income Tax
Retail Sales and Use Tax
Description
Microfilm recordkeeping
Topic
Returns/Payments/Records
Date Issued
11-30-1988
November 30 1988
Re: Request for Ruling: Record Retention
Dear******************
This will reply to your letter dated October 12, 1988 in which you request a ruling regarding the maintenance of your company's records on microfilm.
FACTS
************* ("The Taxpayer") and all of its wholly-owned subsidiaries are in the process of implementing a microfilm reproduction system whereby its general books of account and supporting records of detail, including accounts payable invoices, purchase orders, etc., will be photographed onto microfilm. The microfilm will be retained for the applicable amount of time required by federal and state taxing authorities. The microfilm system is being designed to satisfy the requirements of Internal Rev. Proc. 81-46, 1981-2 C.B. 621.
The Taxpayer requests a ruling as to whether its microfilm reproduction system will satisfy the recordkeeping requirements of Virginia.
RULING
The department has recently issued several rulings on the use of microfilm and microfiche for official recordkeeping for audit purposes. Please see the enclosed copies of PD 88-237 and PD 88-292.
To the extent the microfilm reproduction system meets the conditions set forth in the enclosed rulings, the Taxpayer will meet the recordkeeping requirements of Virginia.
Sincerely,
W. H. Forst
Tax Commissioner
Rulings of the Tax Commissioner