Kentucky Administrative Regulations
Title 103 - FINANCE AND ADMINISTRATION CABINET - DEPARTMENT OF REVENUE
Chapter 31 - Sales and Use Tax; Administration and Accounting
Section 103 KAR 31:020 - Records
Current through Register Vol. 50, No. 6, December 1, 2023
RELATES TO: KRS 131.180, 139.010, 139.200, 139.270, 139.620, 139.720
NECESSITY, FUNCTION, AND CONFORMITY: KRS 131.130(1) authorizes the Department of Revenue to promulgate administrative regulations for the administration and enforcement of Kentucky tax laws. This administrative regulation interprets the sales and use tax law as it applies to the records required to be maintained to support sales and use tax reports.
Section 1. Every seller, retailer, and person storing, using, or otherwise consuming in the state tangible personal property, digital property, or services included in KRS 139.200 purchased from a retailer, shall keep adequate and complete records showing:
Section 2. These records shall include:
Section 3. All records for any period shall be preserved until the statutory limitation relating to the assessment of additional tax for that period has expired pursuant to KRS 139.620, unless the department provides written authorization to destroy the records prior to the expiration of the statute of limitations. An agreement between the taxpayer and the department, extending the period of limitation upon assessment, shall automatically extend the period for which preservation of the records is required. Failure to maintain such records shall be considered evidence of negligence or intent to evade the tax, and may result in the imposition of appropriate penalties.
SU-63; 1 Ky.R. 232; eff. 1-8-1975; TAm eff. 6-9-2009; Crt eff. 1-28-2020; 46 Ky.R. 1595; eff. 5-5-2020.
STATUTORY AUTHORITY: KRS 131.130