Federal income tax returns can be audited for up to three years after filing, six years if substantial under-reported income is involved, and the audit period is unlimited in the event of fraud. All Records substantiating tax deductions should be kept as your situation dictates. If an income tax or employment tax return is not filed, all records must be kept indefinitely until the returns are filed. Once the returns are filed the retention period would apply.Laws frequently change for record retention requirements; this guide is for general purposes only and should not be used as a final source. How long you should keep your records is partly a matter of judgment and a combination of Federal and State Statutes of Limitations currently in effect; please contact our office if you have any questions or uncertainties.
|Bank Deposit Records||7 years|
|Bank Statements||7 years|
Varies as follows:
|Contracts & Agreements||Permanent|
|Corporate Charter By-Laws||Permanent|
|Corporate Stock Records||Permanent|
|Depreciation Schedule||Life of Business + 7 years|
|Employment Records||Termination + 7 years|
|Employment Tax Returns||7 years|
|Entertainment Records||7 years|
|Expense Reports||7 years|
|General Ledgers||Life of Business + 7 years|
|Home Improvement Records||Permanent|
|Income Tax Returns||Permanent|
|Inventory Records||7 years|
|Minutes of Meeting||+ 7 years|
|Real Estate Records||Disposition + 7 years|
|Sales Invoices||7 years|
|Tax & Legal Communications||Permanent|
|Time Cards & Time Sheets||7 years|
Your success is our main priority, which is why we work to identify the right blend of services for each client. With Rickhoff & Associates, you will also enjoy our personal approach to doing business. We know that every client has different goals and changing needs, so we work with you throughout the year to offer advice, review your financial status, and ensure there are no surprises at year-end. Professional, personalized, client-focused…Rickhoff & Associates is the new breed of accounting firm.
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.