Chicago Accounting Articles

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

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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

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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

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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

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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

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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

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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

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