Question: It has been my experience that financial documents are kept in order to make sure that the company is paying the proper amount of taxes

It has been my experience that financial documents are kept in order to make sure that the company is paying the proper amount of taxes as well as ensuring that tax laws are being maintained within the book keeping system. An example would be if the company is a not for profit company. The company will need to make sure that the proper documents are filed with the IRS as well as maintenance within the organization. In my opinion, the documents are kept ed to ensure the yearly tax filing process is not drawn out because of lack of documentation for the process.

Q. While taxes are a factor for financial statements, there are many more reasons why these statements are more important. Any guess on what those reasons might be?

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