Q. What do new clients need to bring to an appointment?
A. New clients should bring a copy of their most recently filed return. Additionally, please bring all tax documents received from banks, brokerages, employers, etc. Also bring worksheets showing business and personal deductions.
Q. How long do I need to keep tax records?
A. Generally, the statute of limitations is three years from the date a return is filed. However, there are circumstances where taxing agencies can request information up to seven years, so we recommend keeping records for seven years from the filing date. However, documentation related to an asset you still own should be retained for the entire period the asset is owned and can be disposed of seven years after the asset is sold. For example, if you purchased 100 shares of IBM in 1999 and sold the shares in 2014, the documentation related to the purchase can be disposed of in 2022.
Q. What do I do if I receive a notice from any taxing agency?
A. Please inform us immediately and we will determine if the notice is accurate, and what action needs to be taken.