(a)
- (1) A taxpayer shall maintain all records that are necessary to a determination of the correct tax liability under the Arkansas Tax Procedure Act, Arkansas Code § 26-18-101 et seq.
- (2) All required records must be made available on request by the Secretary of the Department of Finance and Administration or his or her authorized representatives as provided for in Arkansas Code § 26-18-506.
(3) Such records shall include, but not be necessarily limited to:
- (A) Normal books of account ordinarily maintained by the average prudent businessperson engaged in such business;
- (B) All bills, receipts, invoices, cash register tapes, or other documents of original entry supporting the entries in the books of account; and
- (C) All schedules or working papers used in connection with the preparation of tax returns.
- (b) If a taxpayer retains records required to be retained under this part in both machine-sensible and hard-copy formats, the taxpayer may make the records available to the secretary in machine-sensible format upon request of the secretary.
- (c) Nothing in this part shall be construed to prohibit a taxpayer from demonstrating tax compliance with traditional hard-copy documents or reproductions thereof, in whole or in part, whether or not such taxpayer also has retained or has the capability to retain records on electronic or other storage media in accordance with this part.