Guidelines & Resources
|Forms W-2||7 years|
|Forms 1099||7 years|
|Cancelled checks supporting tax deductions||7 years|
|Bank deposit slips||7 years|
|Bank statements||7 years|
|Charitable contribution documentation||7 years|
|Credit card statements||7 years|
|Receipts, diaries, logs pertaining to tax return||7 years|
|Investment purchase and sales slips||Ownership period + 7 years|
|Dividend reinvestment records||Ownership period + 7 years|
|Year-end brokerage statements||Ownership period + 7 years|
|Mutual fund annual statements||Ownership period + 7 years|
|Investment property purchase documents||Ownership period + 7 years|
|Home purchase documents||Ownership period + 7 years|
|Home improvement receipts and cancelled checks||Ownership period + 7 years|
|Home repair receipts and cancelled checks||Warranty period for item|
|Retirement plan annual reports||Permanent|
|IRA annual reports||Permanent|
|IRA nondeductible contributions (Form 8606)||Permanent|
|Loans||Term of loan + 7 years|
|Estate planning documents||Permanent|
|Accounting Records||Retention Period|
|Accounts Payable||7 years|
|Accounts receivable||7 years|
|Chart of accounts||Permanent|
|Expense report||7 years|
|Financial statements (annual)||Permanent|
|Fixed asset purchases||Permanent|
|Inventory records||7 years (Permanent for LIFO system)|
|Loan payment schedules||7 years|
|Purchase orders||7 years|
|Sales records||7 years|
|Bank Records||Retention Period|
|Bank reconciliation’s||7 years|
|Bank statements||7 years|
|Cancelled checks||7 years (Permanent for real estate purchases)|
|Electronic payment records||7 years|
|Corporate Records||Retention Period|
|Contracts-minor||Life + 7 years|
|Insurance policies||(Check with your agent)|
|Employee Records||Retention Period|
|Employee files (ex-employees)||7 years|
|Employment applications||3 years|
|Employment taxes||7 years|
|Payroll records||7 years|
|Pension/profit sharing plans||Permanent|
|Real Property Records||Retention Period|
|Lease payment records||Life + 7 years|
|Real estate purchases||Permanent|
Visitors to www.sagacpa.com may find the accounting-related Web sites listed below useful. Please note that individual tax and accounting situations are unique. To ensure accuracy, please consult with our office prior to applying tax and accounting information you find online.
Federal Tax Information
Internal Revenue Service
Internal Revenue Service is the general introductory site for the Treasury. Useful for news and updates, but not for in-depth materials.
Forms and Publications
The IRS Forms and Publications website is good for particular federal tax forms and IRS publications. Forms come in a variety of formats (i.e., PDF, PCL, Postscript, etc.), so choose the format that best suits your computer system.
Massachusetts State Tax Information
Mass. Department of Revenue website has a variety of information for individuals, families and business including online services, links to information and forms.
Forms and Publications
Massachusetts tax forms and publications may be found within this area of the Mass. Department of Revenue Web Site.
Updates on Your Tax Payment Information
Tax Payment Information page found within the Mass Department of Revenue website provides information on a taxpayers estimated payments .
A set of calendars for the year that includes quarterly listings of individual and corporate tax return and payment due dates.
Foreign Exchange Rates
The U.S. Treasury Department Financial Management Service offers foreign currency exchange rates.
OANDA has an active site on foreign exchange rates. You’ll find a powerful currency converter (see the Quick Converter in the upper left hand corner) as well as daily currency exchange rates and foreign exchange tables for businesses, investors, and travelers.
Currenex is the first operational online global currency exchange. It’s designed for online trading for large accounts and is open to all institutional buyers and sellers worldwide.
Tax and Accounting Sites
Directory of Sites
Taxsites.com is a comprehensive index of web-based tax and accounting resources. An excellent starting point if you’re searching online for tax and accounting information. You’ll find listings of sites devoted to federal, state and local tax laws, forms and publications, international tax issues, tax-preparation software, and tax updates.
Financial Accounting Standards Board
FASB.org contains papers and announcements on the latest changes in accounting standards and rules. An excellent source for background on interpretations of tax and accounting regulations.
Tax and Accounting Professional Associations
The following association sites provide noteworthy consumer information as well as press releases on late-breaking tax and accounting news that may be of interest.
Savingforcollege.com is a summary of college savings plans offered by various states.
Monaeo is a Smartphone app that is a great tool for taxpayers who travel for work a lot. It keeps track of your days spent in other states and countries and takes the guess work out of things when you are trying to put together the information for having your tax returns prepared. The app can produce reports summarizing the number of days spent in each state or country to assist with tax compliance matters. The app also has an early warning system that allows the user to know when they are getting close to their days limit is each particular tax jurisdiction.
Radio Entrepreneurs is a radio talk show highlighting the stories of entrepreneurship. The show focuses on entrepreneurs of all kinds, stories of success, and provides listeners with advice and insight from experts. Tune in Monday through Friday from 2 to 3 pm.
WBNW 1120 AM – Needham, MA
WPLM 1390 AM – Plymouth, MA
WESO 970 AM – Southbridge, MA