FAQ

Important Dates



January 28th

Tax season is beginning. After you have compiled your supporting documents, please call to schedule your tax appointment. If you are a new client, remember to bring your last two years of tax returns as well.

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March 15th

The final date by which businesses must file their tax returns with the IRS.

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March 29th

Deadline to have all of your personal tax information to us in order to prepare a complete and accurate return.

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April 15th

Tax return deadline is here. If you haven’t submitted your information to us for tax return preparation, an extension must be filed on your behalf to avoid penalties.

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September 15th

Date granted to businesses that requested more time to file their tax returns.



October 15th

Tax returns are due for those who filed extensions.

Retention

How Long Should You Keep Records and Documents?

Retain Permanently:

Audit reports
Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons
Cash books
Chart of accounts
Checks (cancelled for important payments, i.e., taxes, property purchases, special contracts, etc., should be filed with the underlying documentation)
Contracts, mortgages, notes and leases still in effect (expired – 7 years)
Correspondence (legal and important matters only)
Deeds, mortgages and bills of sale
Depreciation schedules
Financial statements (year-end, other optional)
General/private ledgers, year-end trial balances
Insurance records, current accident reports, claims and policies, etc.
Journals
Minute books of directors, stockholders, bylaws and charter
Patents and related papers
Property appraisals by outside appraisers
Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints and plans
Retirement and pension records
Tax returns and worksheets, revenue agents reports, and other documents relating to determination of income tax liability
Trademark registrations and copyrights
Training manuals
Union agreements

Retain Permanently:

Audit reports
Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons
Cash books
Chart of accounts
Checks (cancelled for important payments, i.e., taxes, property purchases, special contracts, etc., should be filed with the underlying documentation)
Contracts, mortgages, notes and leases still in effect (expired – 7 years)
Correspondence (legal and important matters only)
Deeds, mortgages and bills of sale
Depreciation schedules
Financial statements (year-end, other optional)
General/private ledgers, year-end trial balances
Insurance records, current accident reports, claims and policies, etc.
Journals
Minute books of directors, stockholders, bylaws and charter
Patents and related papers
Property appraisals by outside appraisers
Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints and plans
Retirement and pension records
Tax returns and worksheets, revenue agents reports, and other documents relating to determination of income tax liability
Trademark registrations and copyrights
Training manuals
Union agreements

Retain for Seven Years:

Accident reports/claims (settled)
Accounts payable ledgers and schedules
Accounts receivable ledgers and schedules
Checks (cancelled)
Expense analysis/expense distribution schedules
Garnishments
Inventories of products, materials and supplies
Invoices (to customers and/or from vendors)
Notes receivable ledgers and schedules
Payroll records and summaries
Personnel files (terminated)
Plant cost ledgers
Purchase orders (purchasing department copy)
Sales records
Scrap and salvage records (inventories, sales, etc.)
Stock and bond certificates (cancelled)
Subsidiary ledgers
Time books/cards
Voucher registers and schedules
Vouchers for payment to vendors, employees, etc. (including allowances and reimbursement of employees, officers, etc. for travel and entertainment)
Withholding tax statements

Retain for Three Years:

Bank statements
Employee applications
Insurance policies (expired)
Internal audit reports (longer periods may be desired)
Internal reports (miscellaneous)
Petty cash vouchers
Physical inventory tags
Sales commission reports

Retain for Two Years:

Bank reconciliations
Correspondence (general)
Correspondence (routine) with customers and/or vendors
Duplicate deposit slips

Retain for One Year:

Magnetic tape and tab cards
Purchase orders (except purchasing department copy)
Receiving sheets
Requisitions
Stenographers’ notebook
Stockroom withdrawal forms

5445 Detroit Road, Suite 202 Sheffield Village, OH 44054
440-695-0201
cpa@hoovco.com