New Revenue Procedure eases record retention
The IRS introduced Revenue Procedure 97-22 a year after recommending rules allowing the electric filing of taxpayer books and records. The new Procedure provides relief from the administrative task and costs of keeping paper records by authorizing the use of the latest technological innovations in information retention and retrieval. However, the Procedure also has a downside. It has generated concern about governmental intrusion, which becomes quite easy with the use of an electronic storage system. Moreover, taxpayers would have to take note of other considerations, such as the recordkeeping requirements of state and local laws. Taxpayers should be prepared to deal with these concerns once they resort to electronic storage.
Publication Name: Taxation for Accountants
The wired bunch
People who must be the first ones to own the newest high-tech gadgets are referred to in the industry as 'early adopters'. These consumers help drive the fast pace of technology, and say that they are participating in the industry by creating a market and forcing manufacturers to perfect products.
Publication Name: The New York Times Magazine
The effects of the recession of the early 1990's on the Quebec economy may not be as strong as elsewhere in Canada, but the mood in the province is pessimistic. The recession has been exacerbated by poor management in firms such as Groupe Lavalin and Hydro-Quebec.
Publication Name: The Economist (UK)
Subject: Business, international