RECORD KEEPING & REPORTING

Tax records should be kept on a year-round basis, not hastily assembled just for your annual tax appointment. Without tax records, you can lose valuable deductions by forgetting them on your tax return, or you may have unsubstantiated items disallowed if you are audited.

Generally, returns can be audited for up to three years after filing. However, the IRS may audit for up to six years if there is substantial unreported income. The three and six year limits start with the filing of a tax return; if no return is filed, the time limit never starts to run.

We can prepare or assist you in preparing payroll reports, journals, and general ledgers. We can assist you with your other financial record keeping and reporting requirements so that the red tape in your life is minimized.