CONTACT US FOR A FREE CONSULTATION

FREQUENTLY ASKED QUESTIONS

Our team of accountants, both in Springfield and Branson, Missouri, have decades of experience. As a result, we know what information you need to succeed. That is why we have put together answers to commonly asked questions, 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.

Color – PNG               B&W – PNG

We would love to hear from you. Contact KPM today!