Henderson CPA

Resources

Useful resources to stay on top of changing tax rules, guidelines and deadlines.

Guides & Resources

Tax Resources

The following links can be a useful resource to assist come tax time, and provide useful information to stay on top of ever-changing tax rules, guidelines and deadlines.

The IRS should issue your refund check within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks. Use the links below to track it based on your personal information:

USEFUL LINKS

Guides & Resources

Retention Guidelines

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.

USEFUL LINKS

Keep for One Year

Bank Statements
Paycheck Stubs (reconcile with W-2)
Monthly and quarterly mutual fund and retirement contribution statements
Cancelled Checks

Keep for Three Years

Credit Card Statements
Utility Records
Medical Bills (in case of insurance disputes)
Expired Insurance Policies

Keep for Six Years

Accident Reports and Claims Medical Bills (if tax-related)
Property Records/Improvement Receipts
Supporting Documents for Tax Returns
Wage Garnishments
Sales Receipts

Keep Forever

CPA Audit Reports
Income Tax Returns
Investment Trade Confirmations
Income Tax Payment Checks
Important Correspondence
Retirement and Personnel Records

Keep for One Year

Correspondence with Customers and Vendors
Purchase Orders
Requisitions
Duplicate Deposit Slips
Receiving Sheets
Stenographer’s Notebooks

Keep for Three Years

Employee Applications
Employee Personal Records (after termination)
General Correspondence
Petty Cash Vouchers
Internal Audit Reports
Internal Reports
Savings Bond Registration Records of Employees
Time Cards for Hourly Employees

Keep for Six Years

Accident Reports, Claims
Accounts Payable Ledgers and Schedules
Accounts Receivable Ledgers and Schedules
Bank Statements and Reconciliations
Cancelled Checks
Cancelled Stock and Bond Certificates
Employment Tax Records
Expense Analysis and Expense Distribution Schedules
Expired Contracts, Leases
Expired Option Records
Inventories of Products, Materials, Supplies
Invoices to Customers
Notes Receivable Ledgers, Schedules
Payroll Records and Summaries, including payment to pensioners
Plant Cost Ledgers
Purchasing Department Copies of Purchase Orders
Sales Records
Subsidiary Ledgers
Time Books
Travel and Entertainment Records
Vouchers for Payments to Vendors, Employees, etc.
Voucher Register, Schedules

Keep Forever

Audit Reports from CPAs/Accountants
Cancelled Checks for Important Payments
Cash Books, Charts of Accounts
Contracts, Leases Currently in Effect
Corporate Documents (incorporation, charter, by-laws, etc.)
Documents substantiating fixed asset additions
Deeds
Depreciation Schedules
Financial Statements (Year End)
General and Private Ledgers, Year End Trial Balances
Insurance Records, Current Accident Reports, Claims, Policies
Investment Trade Confirmations
IRS Revenue Agents’ Reports
Journals
Legal Records, Correspondence and Other Important Matters
Minute Books of Directors and Stockholders
Mortgages, Bills of Sale
Property Appraisals by Outside Appraisers
Property Records
Retirement and Pension Records
Tax Returns and Worksheets
Trademark and Patent Registrations