RUTHERFORD & JOHNSON, P.C.

Certified Public Accountants & Business Advisors

Tips for Accumulating Tax Data

Below are a few additional "hot topics" our clients are always asking about, such as mileage rates, social security benefits, tax rates, etc.

The Maximum Amount of Earnings and Still Receive Full Benefits

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Record Retention Schedule

Retain Indefinitely Audit reports Capital stock and bond records, ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc. Cash books Charts of accounts Checks (canceled for important payments, i.e. taxes, purchases of property, special contracts, etc.) (filed with transaction papers) Contracts and leases in force Copyrights, patents, trademark registrations Corporation charter, minute books and bylaws Correspondence (legal and important matters only) Deeds, mortgages, easements and other property records Depreciation schedules Financial statements (end-of-year, other months optional) General ledgers and journals Insurance records, current accident reports, claims, policies, etc. Property appraisals Property records - including costs, depreciation reserves, end-of-year trial balances, blueprints and plans Tax returns and work papers, including records to support carrybacks and carryovers

Retain 7-8 years Accident reports and claims (settled cases) Accounts payable ledgers and schedules Accounts receivable ledgers and schedules Bank statements Canceled checks (except checks kept permanently) Contracts and leases (expired) Expense analysis and expense distribution schedules Inventories of products, materials and supplies Invoices to customers Invoices from vendors Maintenance and repair records (buildings and machinery) Notes receivable ledgers and schedules Option records (expired) Payroll records and summaries, including payments to pensioners and timesheets Plant cost ledgers Purchase orders (purchasing department copy) Sales records Scrap and salvage records (inventories, sales, etc.) Subsidiary records Time books Voucher register and schedules Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment)

Retain 6 years Commission reports Employee disability benefits records Employee withholding tax statements Equipment leases (after expiration) Fire damage reports Monthly trial balances

Retain 2 years and less Purchase orders (except purchasing department copy) Receiving sheets Requisitions Stenographer's notebooks Stockroom withdrawal forms

* The above listing is only a guide and is not all inclusive. If you have any questions or need additional information, please contact us at (540) 662-7070.

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