FREQUENTLY ASKED QUESTIONS

Find answers to questions you may have, access tax guides, records retention schedules, and more.

RECORDS RETENTION SHEET

RECORDS RETENTION SCHEDULE

This information is provided as a general guideline only. If you have questions about destroying tax or accounting records, contact a KPM professional.

ACCOUNTING RECORDS
  • Accounts Payable – 7 Years
  • Accounts Receivable – 7 Years
  • Depreciation Schedules – 7 Years
  • Expense Records (Receipts & Invoices) – 7 Years
  • Financial Statements (Annual) – Permanent
  • General Ledger – 7 Years
  • Inventory Records – 7 Years (Permanent for LIFO System)
  • Loan Payment Schedules – 7 Years
  • Purchase Orders (1 Copy) – 7 Years
  • Sales/Revenue Records – 7 Years
BANK RECORDS
  • Bank Reconciliations – 3 Years
  • Bank Statements – 7 Years
  • Canceled Checks – 7 Years (Permanent for Real Estate Purchases)
  • Electronic Payment Records – 7 Years
CORPORATE RECORDS
  • Board Minutes – Permanent
  • Bylaws – Permanent
  • Business Licenses – Permanent
  • Contracts – Major – Permanent
  • Contracts – Minor – Life + 4 Years
  • Insurance Policies – Life + 3 Years (Check with Your Agent – Liability for Prior Years Can Vary)
  • Leases/Mortgages – Permanent
  • Patents/Trademarks – Permanent
  • Shareholder Records – Permanent
  • Stock Registers – Permanent
  • Stock Transactions – Permanent
EMPLOYEE RECORDS
  • Benefit Plans – Permanent
  • Employee Files (Ex-Employees) – 7 Years (Or Statute Of Limitations for Employee Lawsuits)
  • Employment Applications – 3 Years
  • Employment Taxes – 7 Years
  • Payroll Records – 7 Years
  • Pension/Profit Sharing Plans – Permanent
PROPERTY RECORDS
  • Real Estate Purchases/Escrow Documents – Permanent
  • Construction Records – Permanent
  • Leasehold Improvements – Permanent
  • Home Improvement Records – Permanent
  • Lease Payment Records – Life + 4 Years
TAX RETURNS
  • Federal & State Returns – Permanent
  • IRS & State Tax Audit Reports – Permanent
  • Tax-Related Correspondence – Permanent

TAX PLANNING

It is important to consider year-end tax planning strategies to help decrease tax obligations. KPM can assist you in this process. To best serve you, it is  essential to be prepared. We have prepared a list of items to consider forwarding to your KPM advisor prior to setting a meeting at our office.

ITEMS TO SEND PRIOR TO MEETING

  • Copy of latest pay stub for taxpayer & spouse
  • Estimates of interest & dividend income
  • Gains from sales of stocks, investments, & properties
  • Estimates of all itemized deductions or expenses by category
  • Estimates of business, farm, & rental income
  • Asset purchases or sales
  • Partnership or S Corporation income
  • Estimates paid

HOW DO I SUBMIT AN RFP OR SPONSORSHIP REQUEST?

Please submit any request for proposal (RFP) or sponsorship requests to info@kpmcpa.com, and the firm’s marketing director will contact you.

WHERE CAN I FIND A KPM LOGO?

Below are color and black and white versions of the KPM CPAs & Advisors logo. Please download the appropriate file based on usage and placement.

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