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.
| Records | Retention Period |
|---|---|
| Audit Reports | Permanent |
| Bank Deposit Records | 7 years |
| Bank Statements | 7 years |
|
Canceled Checks:
|
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 |
| Financial Statements | Permanent |
| General Ledgers | Life of Business + 7 years |
| Home Improvement Records | Permanent |
| Income Tax Returns | Permanent |
| Inventory Records | 7 years |
| Minutes of Meeting | + 7 years |
| Pension Records | Permanent |
| 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.
"Mr. Rickhoff was nominated by the members of the association [PASBA] to receive this outstanding award that honors a member who has consistently demonstrated the beliefs of the association's motto, Teach-Share-Learn." - Professional Association of
Small Business Accountants
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
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.
