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Sara Wright
Sara Wright, now president of Triple Check Business Services, Inc. She heads up a team of accountants with over 75 years of combined experience. The business was started by her grandmother Wanda Hiebert. Sara began working for Wanda right out of high school 13 years ago. Being a tremendous mentor and employer, Wanda was able to teach Sara the basics of business and groom her to eventually take over the business when she retired. Through the years, Sara successfully built up the business client accounting base to more than 100 write up clients and in the process winning several sales and marketing awards. Sara now manages the Wichita location and several business accounts while Wanda remains at the Halstead location. Triple Check has 6 full time employees and provides monthly and quarterly accounting services to businesses, payroll, employee leasing services, business and tax consulting and tax preparation for both individuals and businesses. For questions or to schedule a free no-obligation consultation, Sara can be reached at 316-941-9144.
Taxes & Accounting
2008-04-01 11:22:00
Keeping records for the IRS
Answer: Keeping business records is not only necessary, but, in some cases, mandatory. The questions many business owners ask is, “What records do I keep and how long should I keep them? Most owners don’t worry about record keeping because they are so involved with the operation of their business that the paperwork becomes secondary. Secondary, that is, until that paperwork is needed by the bank for a loan or by the government to ensure you are complying with their regulations. The following is a suggested, general record keeping guide. Only the most used records are listed. If you have questions on how long to keep specific records, consult an attorney or accountant. However, when in doubt, keep them. TIME RECORD • 2 Years General business correspondence • 7 Years Bank Deposits and Withdrawals Payroll Time Sheets Invoices, Work Orders, Permits and Licenses Budgets, Expense Reports Travel and Entertainment Records Gift and Gratuity Records Office Equipment Records Sales Records, Personal Records Form 8300’s, Tax Reports and Records, Sales and Excise Tax Computations Old Insurance Policies and Records, Accident Reports and Claims • 8 Years Disability Insurance Records, Insurance Safety Reports Employee Pension and Benefit Records •10 Years Cancelled Checks, Bank Statements and Reconciliations, All Settled Insurance Claims • Permanently Audit Reports, Tax Returns, Contracts, Trademark and Copyright material Corporate Reports, Bylaws, Minutes of Meetings, Stock Reports and Dividend Payments, Partnership Investments, Buy-Sell Agreements, Property Records, Contributions, Distributions Non-financial records (maintenance records, vendor lists, customer lists, etc.) will vary by business, but they should be maintained separately from your financial records and kept for as long as you need them.
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