465 Waverley Oaks Rd, Suite 420
Waltham, MA 02452

Phone: (781) 398-1770
Fax: (781) 398-2281
Email: saga@sagacpa.com


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Guidelines and Resources


Suggested Record Retention Guidelines For Individuals

Record
Retention Period
Tax returns Permanent
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
Divorce documents Permanent
Loans Term of loan + 7 years
Estate planning documents Permanent

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Suggested Record Retention Guidelines for Companies

Accounting Records
Retention Period
Accounts Payable 7 years
Accounts receivable 7 years
Audit reports Permanent
Chart of accounts Permanent
Depreciation schedules Permanent
Expense report 7 years
Financial statements (annual) Permanent
Fixed asset purchases Permanent
General ledger Permanent
Inventory records 7 years (Permanent for LIFO system)
Loan payment schedules 7 years
Purchase orders 7 years
Sales records 7 years
Tax returns Permanent

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
Board minutes Permanent
Bylaws Permanent
Business licenses Permanent
Contracts-major Permanent
Contracts-minor Life + 7 years
Insurance policies (Check with your agent)
Leases/mortgages Permanent
Patents/trademarks Permanent
Shareholder records Permanent
Stock registers Permanent
Stock transactions Permanent

Employee Records
Retention Period
Benefit plans Permanent
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
Construction records Permanent
Leasehold improvements Permanent
Lease payment records Life + 7 years
Real estate purchases Permanent

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Our Top Web Sites

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.

Sisterstates.com is a list of tax information available by state.

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.

American Institute of Certified Public Accountants

Massachusetts Society of Certified Public Accountants

Other

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.

Local Stations:

WBNW 1120 AM - Needham, MA
WPLM 1390 AM - Plymouth, MA
WESO 970 AM - Southbridge, MA

Live Over the Internet at www.radioentrepreneurs.com or stream online @ www.radioentrepreneurs.com

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