Tax Commission, Auditing

Section R865-9I-18

Taxpayer Records, Statements, and Special Returns Pursuant to Utah Code Ann. Section 59-10-501

Notice of Proposed Rule

(Amendment)

DAR File No.: 35385
Filed: 10/27/2011 02:15:42 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

The proposed amendment updates a statutory reference.

Summary of the rule or change:

The proposed amendment updates a statutory reference to match numbering changes in the statutes, and makes technical changes.

State statutory or constitutional authorization for this rule:

• Section 59-1-1406

Anticipated cost or savings to:

the state budget:

None--The amendments update a statutory reference.

local governments:

None--The amendments update a statutory reference.

small businesses:

None--The amendments update a statutory reference.

persons other than small businesses, businesses, or local governmental entities:

None--The amendments update a statutory reference.

Compliance costs for affected persons:

None--The amendments update a statutory reference.

Comments by the department head on the fiscal impact the rule may have on businesses:

This updates a statutory reference, and creates no fiscal impact.

Michael Cragun, Commissioner

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Tax Commission
Auditing
210 N 1950 W
SALT LAKE CITY, UT 84134

Direct questions regarding this rule to:

• Christa Johnson at the above address, by phone at 801-297-3901, by FAX at 801-297-3907, or by Internet E-mail at [email protected]

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

12/15/2011

This rule may become effective on:

12/22/2011

Authorized by:

Michael Cragun, Tax Commissioner

R865. Tax Commission, Auditing.

R865-9I. Income Tax.

R865-9I-18. Taxpayer Records, Statements, and Special Returns Pursuant to Utah Code Ann. Section [59-10-501]59-1-1406.

[A.](1) Every taxpayer shall keep adequate records for income tax purposes of a type which clearly reflect income and expense, gain or loss, and all transactions necessary in the conduct of business activities.

[B.](2) Records of all transactions affecting income or expense, or gain or loss, and of all transactions for which deductions may be claimed, should be preserved by the taxpayer to enable preparation of returns correctly and to substantiate claims. All [such] records shall be made available to an authorized agent of the [Tax Commission]commission when requested, for review or audit.

 

KEY: historic preservation, income tax, tax returns, enterprise zones

Date of Enactment or Last Substantive Amendment: [September 23, 2010]2011

Notice of Continuation: March 20, 2007

Authorizing, and Implemented or Interpreted Law: 31A-32A-106; 53B-8a-112; 59-1-1301 through 59-1-1309; 59-2-1201 through 59-2-1220; 59-6-102; 59-7-3; 59-10; 59-10-103; 59-10-108 through 59-10-122; 59-10-108.5; 59-10-114; 59-10-124; 59-10-127; 59-10-128; 59-10-129; 59-10-130; 59-10-207; 59-10-210; 59-10-303; 59-10-401 through 59-10-403; 59-10-405.5; 59-10-406 through 59-10-408; 59-10-501; 59-10-503; 59-10-504; 59-10-507; 59-10-512; 58-10-514; 59-10-516; 59-10-517; 59-10-522; 59-10-533; 59-10-536; 59-10-602; 59-10-603; 59-10-1003; 59-10-1006; 59-10-1014; 59-10-1017; 59-10-1021; 59-10-1023; 59-10-1106; 59-10-1403; 59-10-1403.2; 59-10-1405; 59-13-202; 59-13-301; 59-13-302; 63M-1; 63M-1-401 through 63M-1-414