Chicago Accounting Articles
Basic Accounting Procedures Chicago Illinois
Updated July 28, 2015 Basic Accounting Procedures Chicago Illinois Where do we begin? Capture the evidence. Create a fair accounting of the entity in question. Prepare a tax return inside existing tax law. Document everything. That’s about … Continue reading
How Long To Keep Tax Records Chicago Illinois
Updated July 28, 2015 How Long To Keep Tax Records Chicago Illinois The general rule for keeping records is at the Federal or IRS Level, seven years, and at The State Level, nine years. This amount of time … Continue reading
Which Tax Records To Keep Chicago Illinois
Updated July 28, 2015 Which Tax Records To Keep Chicago Illinois The short answer is everything. If it looks, acts, or even smells like an accounting record, keep it. There simply isn’t anything that I can think … Continue reading
Should I Do My Own Financial Statement Chicago Illinois
Updated July 28, 2015 Should I Do My Own Financial Statement Chicago Illinois Unless you are a degreed accountant with many years of taxation experience, the answer is no. Just because you can write a check and make … Continue reading
Commingling Funds Illegal
Updated July 8, 2015 Is commingling funds illegal? Yes. If you have more than one taxpaying entity, the entities must be kept completely separate. A corporation, for example, is a living, breathing entity under the law. It has its … Continue reading
IRS Record Retention
Updated July 8, 2015 How long am I required to retain my records? I’m being audited by the IRS and don’t have my source documents. What do I do? In what form should I maintain my records? … Continue reading
How Long To Keep Records
Updated July 10, 2015 How long am I supposed to keep my company records? How long to keep records? You should keep a copy of your Federal Income Tax Returns and the related documents supporting income and … Continue reading
