Gidney & Company, P.A.,CPA's

Suggested Holding Periods for Tax Records:

1. It is a good policy to save copies of your 1040 and supporting schedules indefinitely.

2. The IRS requires record retention as long as they are important for Federal Tax law. Generally this means:

* 3 years from the date the return is filed...or
* 2 years from the tax payment date...or
* 6 years, if income is under-reported by more than 25%
(whichever is later)

3. Keep ALL--bank statements, checks, receipts and other financial records for at least three years, especially those documents that will support your tax return figures.

4. Hold all records that can provide cost basis of any investments.

5.HOLD INDEFINITELY

* All papers and receipts that deal with any purchase, sale and major improvement of your current and all previous principal residences.

* All IRA records, investment purchases and sales, and 1040 returns filed for each year.

Disclaimer 

The information contained in this communication is intended as general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this transmission. Accordingly, the information contained herein should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisors. Before making any decision or taking any action based on this content, you should consult a Gidney & Company, P.A. professional. We are not responsible for errors, misinterpretations, or omissions related to these articles and announcements. Nor are we responsible for the applicability to your personal, business or tax situation. In no event will Gidney & Company, P.A. and its owners, partners, agents or employees, be liable to you or anyone else for any decision made or action taken in reliance on the information in this transmission or for any consequential, special or similar damages, even if advised of the possibility of such damages. To ensure compliance with requirements imposed by the United States Treasury Department, you are hereby informed that any advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. This advice may not be forwarded without our express written consent. For more information about the U S Treasures’ / IRS Circular 230 disclosure, (Available at IRS.GOV website).