Smart Disaster Planning Steps

Too often natural disasters strike and serve as reminders that it’s important for both individuals and businesses to protect themselves against the potential financial consequences of such events. A few smart steps we recommend include making electronic backups of important records, including your insurance policies, tax returns, bank and credit card account information, and vital records.  It is critical that you store this backup in a separate location that will be easy to access if your area suffers damage.  You should also take the time to take pictures or videos of your home or business and store them separately in [...]

October 20th, 2014|Accounting, Business Tax|Comments Off on Smart Disaster Planning Steps

Recordkeeping & Jon Stewart on the Internal Revenue Service

Jon Stewart, king of all snark, recently took on the IRS in this June 24 segment. Stewart skewered the IRS for shoddy record keeping policies (6 months for e-mails?) and storage processes. In addition, House Oversight and Government Reform Committee Rep. Darrel Issa was not immune to criticism for his behavior during IRS Commissioner Koskinen's testimony. The Daily Show Get More: Daily Show Full Episodes,The Daily Show on Facebook,Daily Show Video Archive   The Blau Company, Ltd. recommends that you retain documents using the following guidelines: Tax Returns - Permanent Tax Return Source Docs (W-2s, 1099s, etc) - 7 Years Bank/Credit [...]

July 1st, 2014|Business Tax, Personal Tax|Comments Off on Recordkeeping & Jon Stewart on the Internal Revenue Service

What are Adequate Records

What Are Adequate Records? You should keep the proof you need in an account book, diary, log, statement of expense, trip sheets, or similar record. You should also keep documentary evidence that, together with your record, will support each element of an expense.   Documentary evidence.   You generally must have documentary evidence, such as receipts, canceled checks, or bills, to support your expenses.   Exception.   Documentary evidence is not needed if any of the following conditions apply. You have meals or lodging expenses while traveling away from home for which you account to your employer under an accountable plan, and [...]

November 28th, 2013|Accounting, Business Tax|Comments Off on What are Adequate Records
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