Nebraska Administrative Code
Topic - REVENUE, DEPARTMENT OF
Title 316 - NEBRASKA DEPARTMENT OF REVENUE
Chapter 24 - CORPORATION INCOME TAX
Section 316-24-215 - RECORDS
Current through March 20, 2024
215.01 In General. Any business entity doing business in Nebraska must keep permanent books of account or records that are sufficient to establish the amount of gross income, deductions, credits, or other matters which may be required to support the Nebraska corporation income tax return or information return, if any business entity or person fails to keep books of account or records, the Department may issue a notice of deficiency determination based on the best information available, including, but not limited to, records from the IRS, financial institutions, employers, payors, vendors, or others.
215.02 Retention of Records. Each business entity must retain all records relating to a tax year for as long as the records may be material in administering the Nebraska income tax; while any refund claim or redetermination of a deficiency determination is pending; or while any federal audit assessment, or any other action is pending, unless the Department authorizes their destruction in writing at an earlier date.
215.03 Books and Records Reconstruction. Books and records that are destroyed should be reconstructed by the business entity to the greatest extent possible from records kept by financial institutions, customers, vendors, and others.
215.04 Availability of Books and Records. These books or records must be kept available at all times for inspection by the Tax Commissioner or any agent or representative designated by the Tax Commissioner for the purpose of ascertaining the correctness of any return or other document required to be filed under the Nebraska Revenue Act or for the purpose of ascertaining whether the income of a business entity is subject to Nebraska income tax.
215.05 Criminal Penalty. Willful failure to keep, retain, or make available any records as required under this regulation is a Class II misdemeanor. If a natural disaster destroys records that does not, by itself constitute willful failure to keep or retain records.