Haw. Code R. § 18-231-3-14.22 - General recordkeeping requirements

(a) Every person who:

(1) Does business (within the meaning of section 237-2, HRS) in this State;

(2) Imports tangible personal property for use, sale, or consumption in this State; or

(3) Purchases tangible personal property for use, sale, or consumption in this State from a seller that is not licensed under chapter 237, HRS, shall keep complete and adequate records from which the department may determine any tax for which that person may be liable.

(b) Unless the department authorizes an alternative method of recordkeeping in writing, these records shall show:

(1) Gross receipts from all activities engaged in or caused to be engaged in with the object of gain or economic benefit either direct or indirect, including the fair market value of property or services received in barter or exchange transactions, whether the receipts are claimed to be taxable or nontaxable.

(2) The amounts of all deductions, exemptions, or credits claimed in filing any tax return.

(3) Total value, as defined in section 18-238-2(g)(2), of all tangible personal property purchased for sale, consumption, or lease in this State.

(c) The records shall include:

(1) The normal books of account ordinarily maintained by the prudent business person in the line or lines of business in which the person is engaged;

(2) All bills, receipts, invoices, cash register tapes, or other documents of original entry supporting the entries in the books of account;

(3) All schedules or working papers used in preparation of tax returns; and

(4) Any records that may be required under any specific tax chapter to which the taxpayer may be subject (such as those described in sections 243-9, 244D-9, or 245-8, HRS).

Notes

Haw. Code R. § 18-231-3-14.22

[Eff 8/18/94] (Auth: HRS §§ 231-3(9)) (Imp: HRS §§ 237-41, 237D-12, 238-9, 243-9, 244D-9, 245-8, 251-11)