What records are required to be maintained?
Sec. 7-3. - Records of taxpayers required to be maintained. It shall be the duty of every person engaging in any business to keep and maintain an accurate and complete set of records. The records maintained must be sufficient to allow the city or its auditors to determine the correct amount of any tax, business license, or other amount levied by this chapter or otherwise levied by the city. To the extent necessary to determine the correct amount of any tax, business license, or other amount levied, the records required to be maintained shall include without limitation all books of account, invoices, purchases, sales, receipts, register tapes, inventory, reports, bank statements, financial statements, and federal income tax returns. It shall be the duty of every person to keep and preserve all invoices of goods and merchandise purchased, for resale or otherwise. The records for any person selling both at wholesale and retail shall be kept separately in order to show the gross proceeds of wholesale sales and the gross proceeds of retail sales. All such books, invoices, and other records shall be open for examination by the revenue department. Without limiting the foregoing, taxpayers shall also keep and maintain any records required by state law. In the event the taxpayer's records are inadequate, the Revenue Department may calculate and determine the amount of license or tax based on any information available.
To learn more about business licenses, taxes and regulations, see Chapter 7 of the City Code.