I have done accounting for over 65 years.
ANYONE care to explain to me how any business or person will be able to do their bookkeeping for the IRS or be able to save data for 7 years???? Or be able to know if they are even making a profit. Or giving info to employees like a W-2???
The government will decide if you’ve made a profit and, if so, how much you will be allowed to keep.