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I own three pharmacies in Massachusetts. We keep very detailed sales tax return records and have so for many years. Our records are piling up and we need more room. Do we have to keep all of our sales tax return records indefinitely?


The BIDaWIZ Team's Answer:

Generally, you must keep your sales tax return records for the latter of three years from the date the return was filed or the date it was required to be filed.
Having said that, we would recommend that you keep your sales tax records for up to 6 years as you may be audited up to that time-frame. This would be the case if you understate by more than 25% of the tax due on receipts that should have been reported on the return. Even more, there is no time limit if a vendor failed to file a return or filed a false or fraudulent return.
References: Massachusetts State DOR Regulation 830 CMR 62C.25.1

The BIDaWIZ Team



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