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ACCOUNTING FACTS & QUESTIONS

FAQ: FAQ

HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?

  1. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

  2. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

  3. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.

  4. Keep records indefinitely if you do not file a return.

  5. Keep records indefinitely if you file a fraudulent return.

  6. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.


Source: https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA AND A BOOKKEEPER?

Bookkeepers, accountants and certified public accountants (CPAs) all work with businesses' financial data. Bookkeepers record when a company receives, pays or owes money. Accountants provide more in-depth analysis than bookkeepers. A CPA or certified public accountant is an accountant with a state license.

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Source: https://work.chron.com/differences-between-bookkeepers-vs-accountants-vs-cpas-4173.html

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