Effect of maintaining machine-sensible records on hard-copy recordkeeping requirements

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64:01:01:51. Effect of maintaining machine-sensible records on hard-copy recordkeeping requirements. Except as otherwise provided in §§ 64:01:01:42 to 64:01:01:51, inclusive, the provisions of this section do not relieve taxpayers of the responsibility to retain hard-copy records that are created or received in the ordinary course of business as required by existing law and regulations.
Hard-copy records generated at the time of a transaction using a credit card or debit card must be retained unless all the details necessary to determine correct tax liability relating to the transaction are subsequently received and retained by the taxpayer in accordance with this regulation.
Computer printouts that are created for validation, control, or other temporary purposes need not be retained.
Nothing in this section prevents the department from requesting hard-copy printouts in lieu of retained machine-sensible records at the time of examination.

Last amended: Source: 28 SDR 178, effective July 1, 2002; 32 SDR 225, effective July 3, 2006. General Authority: SDCL 10-45-47.1(4) , 10-45D-13(4) , 10-46-35.1(4) , 10-46A-19(4) , 10-46B-18(4) , 10-46E-11(4), 10-47B-2 , 10-52A-7(4). Law Implemented: SDCL 10-45-45 , 10-45D-12 , 10-46-39 , 10-46A-7 , 10-46B-6 , 10-46E-8, 10-47B-157 , 10-52A-6.

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