Resources

Links

Visit IRS website to review the status of your federal refund.

Financial Sites
Current Exchange Rates
This link will help you chart the dollar against any foreign currency

Mortgage, Bank, Lending, and Interest Rates
This site will give you the most up-to-date information on constantly fluctuating rates

Money Magazine
Check stock quotes, and track the day's financial news

MSN Money
A great source of information for your personal finance needs. Get access to quotes, stock research, and news

Market Watch by Dow Jones
CBS Marketwatch provides links to financial news, stock quotes, IRA resources, stock picks and more

Travelex - Foreign Exchange
Foreign currency exchange. Travelex has competitive exchange rates and traveler's cheques

Government Sites
Social Security Administration
Social Security Administration administers retirement, medicare, disability and other benefits

U.S. Small Business Association
Programs and services to help you start, grow and succeed

U.S. Department of Commerce
U.S. Department of Commerce

Federal Citizen Information Center
A catalog of Free and low-cost federal publications that may be of interest to you. Also contains a lot of important consumer information

Tax Information Sites
IRS
The IRS website has many great tax resources for you
IRS W4 Form
This form is used to determine federal income tax withholding
Comptroller of Maryland, Serving the People

IRS Resources & Videos

Did you know the IRS provides education for the nuances of tax requirements?
Click the links below.

Business & Self-Employed Tax Center
Online Application - Form SS-4 (EIN)
IRS Forms and Publications
Partnerships Tax Information
Corporations Tax Information

Retention Guide

Storing tax records:
How long is long enough?

April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail?
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), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.To be safe, use the following guidelines.

Business Records To Keep
1 Year
3 Years
6 Years
Forever

Personal Records To Keep
1 Year
3 Years
6 Years
Forever

Special Circumstances

Business Documents To Keep For One Year

Correspondence with Customers and Vendors
Duplicate Deposit Slips
Purchase Orders (other than Purchasing Department copy)
Receiving Sheets
Requisitions
Stenographer's Notebooks
Stockroom Withdrawal Forms

Business Documents To Keep For Three Years

Employee Personnel Records (after termination)
Employment Applications
Expired Insurance Policies
General Correspondence
Internal Audit Reports
Internal Reports
Petty Cash Vouchers
Physical Inventory Tags
Savings Bond Registration Records of Employees
Time Cards For Hourly Employees

Business Documents To 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
Records related to net operating losses (NOL's)
Sales Records
Subsidiary Ledgers
Time Books
Travel and Entertainment Records
Vouchers for Payments to Vendors, Employees, etc.
Voucher Register, Schedules

Business Records To Keep Forever

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.

Audit Reports from CPAs/Accountants
Cancelled Checks for Important Payments (especially tax 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 Agent Reports
Journals
Legal Records, Correspondence and Other Important Matters
Minutes 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

Personal Documents To Keep For One Year

While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.

PERSONAL DOCUMENTS TO KEEP FOR THREE YEARS

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

PERSONAL DOCUMENTS TO KEEP FOR SIX YEARS

Supporting Documents For Tax Returns
Accident Reports and Claims
Medical Bills (if tax-related)
Sales Receipts
Wage Garnishments
Other Tax-Related Bills

PERSONAL RECORDS TO KEEP FOREVER

CPA Audit Reports
Legal Records
Important Correspondence
Income Tax Returns
Income Tax Payment Checks
Property Records / Improvement Receipts (or six years after property sold)
Investment Trade Confirmations
Retirement and Pension Records (Forms 5448, 1099-R and 8606 until all distributions are made from your IRA or other qualified plan)

office: 410-580-1181
fax to pdf: 410-304-7788
toll free fax: 888-325-2072

3701 Old Court Road, Ste 20A
Pikesville, Maryland 21208
email: [email protected]