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
Black Friday and Cyber Monday need no introduction, but for small business owners it’s all about Small Business Saturday—an annual holiday shopping tradition that gets communities out in support of their local small businesses. Small Business Saturday falls on November 24 this year, so if you haven’t already…start getting the word out.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires Forms 1099-MISC reporting non-employee compensation (NEC) in box 7 to be filed by January 31.
Small business owners in many communities offer downtown trick or treat events. Take advantage of this opportunity to build your business reputation. Involvement in local events goes a long way with both existing and prospective customers—indicating a vested interest in your community. Find creative ways to make your business stand out this trick-or-treat season. We hope the following suggestions will spark fun promotional ideas:
