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:  nharrell@nicoleharrellcpa.com
© 2019 NICOLE HARRELL CPA, ALL RIGHTS RESERVED.