MinnesotaCare Tax Recordkeeping
Keep all internal accounting records and external third-party documentation that support the amounts you reported on your MinnesotaCare tax return.
This includes any paper records and any records you receive or store electronically.
Examples of records and documents:
- Bank statements
- Explanations of benefits (EOBs) from Medicare, FEHBA, and TRICARE payers
- 1099 tax statements from payers
- Collection agency statements
- Credit card processing vendor statements
- Patient financing company statements
- Remittances from other government agencies
- Detailed records of nonpatient income
- Audited and compiled financial statements
- Legend drug purchase invoices
- All other summary and detail reports, schedules, ledgers, and journals
- Computer system or software back-ups
Why is it important to keep records?
If we audit your business, you will need to provide four to six years of records. We may deny exemptions if your documentation is incomplete.