Chicago Accounting Articles

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 of that’s a reasonable...

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 a deposit in a general ledger program,...

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 a...

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 is calculated from the filing date of the...

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 own social security number,...