Resources

 

 

FLOODING VICTIMS

Our hearts go out to all those affected by the recent storms in our area.  As clean-up and re-building continues, we wanted to share some links regarding the deductibility of casualty losses.  Due to the recent Tax Cuts and Jobs Act (TCJA), the rules surrounding the casualty loss deduction have significantly changed.  We encourage you to click on the

following links and contact us with any questions.

 

https://www.irs.gov/newsroom/tax-relief-for-victims-of-severe-storms-in-wisconsin

 

https://www.cpajournal.com/2018/08/01/narrowing-the-casualty-loss-deduction/

 

https://www.journalofaccountancy.com/issues/2018/jul/irs-personal-casualty-loss-tax-rules.html

 

https://www.irs.gov/forms-pubs-rda-2017-12-14-2018-rev-proc-08

 

TAXES

 

WI Where’s My Refund - https://www.revenue.wi.gov/Pages/Apps/TaxReturnStatus.aspx

 

IRS Refund Status - https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

 

Pay Federal Tax Balance Online - https://www.irs.gov/payments

 

IRS Tax Tips - https://www.irs.gov/newsroom/irs-tax-tips  

 

Tax check-in sheet (PDF)

 

Current tax organizer (PDF)

 

Release of confidential information (PDF)

 

 

Is someone using your personal information to open accounts, make purchases, or get benefits? Report it at https://identitytheft.gov. Identitytheft.gov is the federal government’s one-stop resource for identity theft victims. The site provides streamlined checklists and sample letters to guide you through the recovery process

 

PAYROLL

 

New Employee Packet (PDF)

 

 

Employee Portal – https://login.accountantsoffice.com/login

 

__________________________________

 

RECORD RETENTION GUIDE

You filed your tax return, now what do you do with all that paperwork?

 

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is known as the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.

 

However, if the IRS believes you have significantly underreported your income, it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.

 

Below is a summarized list of how long you should keep records. Please note that this list is not all-inclusive, and judgement should be used.

 

Businesses

One Year

  • Purchase Orders

  • Correspondence with Customers & Vendors

  • Deposit Slips

 

Three Years

  • Employee Personnel Records (after termination)
  • Employment Applications
  • Time Cards for Employees
  • Petty Cash Vouchers
  • Internal Reports

 

Six Years

  • Canceled Checks
  • Bank Statements and Reconciliations
  • Payroll Records and Summaries
  • A/P and A/R Ledgers and Schedules
  • Employment Tax Records
  • Inventories of Products, Materials, and Supplies
  • Sales Records
  • Travel and Entertainment Records

 

Keep Forever

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely

  • Audit Reports from CPAs/Accountants

  • Depreciation Schedules

  • Financial Statements (year-end)

  • Tax Returns and Worksheets

  • Corporate Documents (incorporation, by-laws, etc.)

  • IRS Revenue Agent Reports

  • Property Records

 

Personal

Three Years

  • Credit Card Statements

  • Medical Bills

  • Utility Records

  • Expired Insurance Policies

 

Six Years

  • Supporting Documents for Tax Returns
  • Wage Garnishments
  • Medical Bills (if tax-related)
  • Accident Claims

 

Keep Forever

  • Income Tax Returns

  • Income Tax Payment Checks/Receipts

  • Legal Records

  • CPA Audit Records

  • Property Records/Improvement Receipts

 

Special Circumstances

  • Pay Stubs (until reconciled with your W-2)
  • Car Records (keep until the car is sold)
  • Insurance Policies (keep for the life of the policy)

Breunig CPA, LLC