Best practice Sale of business, closing books
Hi,
Business sold in 2023. CPA says now that 2023 corporate return (S corp) is filed, owner can shut down QB, QB payroll, no back up needed. Or, more conservatively (but in case of possible audit), owner should pay for QB for 3 years from date of sale. Business run on Quickbooks Enterprise Contractor 2023 edition.
How should owner backup business data in this scenario? Any other advice?
Thoughts:
• figure out how to backup 5-7 years of QB corporate files (35 year enterprise). Can anyone tell me how it's best done?
• which file format to use?
• buy cloud backup @$50 - $100/year (https://www.pcworld.com/article/407149/online-cloud-backup-services-carbonite-idrive-backblaze-livedrive.html)
• owner kept 7 years paper files, primarily original invoices
• one CPA, digital access to old tax returns; owner will keep paper copies all previous tax returns
Thank you