IRS Responds to AICPA Accounting Software Examination Letter

IRS Information
More about the IRS requesting backups of QuickBooks and Peachtree company files from the Journal of Accountancy, written by Benson Goldstein, J.D. In a March 29, 2011 letter from Patricia Thompson, chair of the American Institute of CPA’s (AICPA) Tax Executive Committee, to Chris Wagner, commissioner of the IRS’ Small Business/Self-Employed Division, the AICPA communicated its concerns regarding the Service’s program to request the accounting software files of certain small business taxpayers under examination; the letter cites QuickBooks and Peachtree as examples of accounting software actively used by small businesses. This is a critical matter because the use of accounting software has become commonplace by businesses in meeting the requirement to maintain proper “books and records,” including records involving income, expenses, assets and other pertinent information. If the firm is…
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