Your record label needs to maintain all sales and purchase records in an organized manner. If your record label doesn’t maintain organized financial data, then your record label will fail. If your record label cannot produce proper records upon request for payments, purchases, and paid taxes then your label could be potentially breaking the law. Obey all the legalities when practicing business, and keep your documents filed in an organized manner.
Your company will be required to file tax return data at the end of the year, and maybe an annual report depending on the state that your company is operating out of. Your taxes may be filed as part of your normal tax return or can be filed separately. If you are the only owner of the record label, then it is better to file a schedule C as part of your normally filed tax return to prevent the possibility of double taxation.