Frequently Asked Questions

• Examine vendor relationships
• Review business banking relationships
• Get a pulse on customers
• Clear out clutter
• Review all systems, policies & procedures
• Assess business insurance coverage
• Address business tax strategy
• Check marketing effectiveness
• Evaluate team members
• Update succession planning

According to the IRS guidelines, it is recommended that you keep paperwork for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or a refund after you file your return.  Keep records for 7 years if you file a claim for a loss from securities or a bad debt deduction.

The following are circumstances that will impact your return and should be discussed with an accountant.

• Marriage, divorce, widowed
• Increase or decrease of dependents
• Buying or selling a business
• Buying or selling a rental property
• Buying or selling your residence
• Becoming an estate or trust beneficiary