Cost of any improvements including invoices and cancelled checks.
Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. Your client’s books and records should include supporting documents. These records should also include inventory purchases, payroll, and other transactions occurring in the course of operating the business. Your client’s system of records should include enough information to correctly determine gross receipts, business expenses incurred, and the purchase price of assets acquired for use in the business. Is my client required to keep records of income and expenses?īy law, your client is required to keep adequate business records. The Illinois Department of Revenue is committed to protecting everyone’s tax dollars and wants to make sure we are sending your client the correct refund amount.
We have adopted new security measures for verifying refunds which require your client to send additional information to confirm the information you reported on their tax return. Why did my client receive a request to verify business income and expenses?