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EXAM

YOU HAVE A MAXIMUM OF $3$ CONTINUOUS HOURS TO COMPLETE THE $100$ QUESTION TEST.

Question $75vv$ of $100$

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If a business uses commercial software to summarize business expenses, what is the record retention requirement for paper records such as receipts and invoices?

The business does not have to keep paper records once the information is entered into the computer program.

The business should keep its paper records for one year from the end of the tax year.

The business should keep its paper records for three years from the date it files its tax return.

The business should keep its paper records for as long as is necessary; there is no set time.

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