Resources

 

 

ENHANCED CHILD TAX CREDIT (2021)

Starting July 15th, 2021 eligible families will begin to receive advance Child Tax Credit payments. Use the available links below to check your eligibility, un-enroll in payments, update information like direct deposit or mailing address and to view payment history. These payments will need to be reported on your 2021 tax return.

 

Check your eligibility for the Enhanced Child Tax Credit: Eligibility

 

Portal to un-enroll, update information and view payment history: CTC Portal

 

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  

 

2020 check-in sheet (PDF)

 

Terms of Agreement (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

Starting January 1st, 2020 all new hires and any current employee who would like to adjust their withholding will be required to fill out the new W-4 Employee Withholding Certificate and WT-4 Wisconsin Withholding Certificate. Those resources can be found below.

 

New Employee Packet (PDF)

 

2021 W-4 Employee Withholding Certificate (PDF)

 

2021 WT-4 Wisconsin Withholding (PDF)

 

IRS Tax Withholding Estimator

 

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

 

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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