Archivo para la categoría Record Keeping

I have a US company. For how long I have to keep my tax documents?

US Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit.

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Which US business document I have to keep for one year?

  • Requisitions
  • Stenographer’s Notebooks
  • Stockroom Withdrawal Forms
  • Correspondence with Customers and Vendors
  • Duplicate Deposit Slips
  • Purchase Orders (other than Purchasing Department copy)
  • Receiving Sheets

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Is there any US company records I have to keep forever?

While federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you’ll want to retain these documents indefinitely. This is a list in alphabet order:

  • Audit Reports from CPAs/Accountants
  • Cancelled Checks for Important Payments (especially tax payments)
  • Cash Books, Charts of Accounts
  • Contracts, Leases Currently in Effect
  • Corporate Documents (incorporation, charter, by-laws, etc.)
  • Documents substantiating fixed asset additions
  • Deeds
  • Depreciation Schedules
  • Financial Statements (Year End)
  • General and Private Ledgers, Year End Trial Balances
  • Insurance Records, Current Accident Reports, Claims, Policies
  • Investment Trade Confirmations
  • IRS Revenue Agents’ Reports
  • Journals
  • Legal Records, Correspondence and Other Important Matters
  • Minutes Books of Directors and Stockholders
  • Mortgages, Bills of Sale
  • Property Appraisals by Outside Appraisers
  • Property Records
  • Retirement and Pension Records
  • Tax Returns and Worksheets
  • Trademark and Patent Registrations

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I have a US company. Which documents I have to keep more then 1 year

These are the business documents to keep foror three years:

  • Petty Cash Vouchers
  • Physical Inventory Tags
  • Savings Bond Registration Records of Employees
  • Time Cards For Hourly Employees
  • Bank Statements and Reconciliation’s
  • Employee Personnel Records (after termination)
  • Employment Applications
  • Expired Insurance Policies
  • General Correspondence
  • Internal Audit Reports
  • Internal Reports

And these are the company documents to record for six years, in alfabethical order:

  • Accident Reports, Claims
  • Accounts Payable Ledgers and Schedules
  • Accounts Receivable Ledgers and Schedules
  • Cancelled Checks
  • Cancelled Stock and Bond Certificates
  • Employment Tax Records
  • Expense Analysis and Expense Distribution Schedules
  • Expired Contracts, Leases
  • Expired Option Records
  • Inventories of Products, Materials, Supplies
  • Invoices to Customers
  • Notes Receivable Ledgers, Schedules
  • Payroll Records and Summaries, including payment to pensioners
  • Plant Cost Ledgers
  • Purchasing Department Copies of Purchase Orders
  • Sales Records
  • Subsidiary Ledgers
  • Time Books
  • Travel and Entertainment Records
  • Vouchers for Payments to Vendors, Employees, etc.
  • Voucher Register, Schedules

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How I obtain a Certificate of fiscal residence?

Most European countries, like United Kingdom and Portugal, request a Certificate of Fiscal Residence to benefit companies from the Double Taxation Treaties and the application of several European Directives. These Certificates of Fiscal Residence, when signed and stamped by the Fiscal Authorities, are a proof of fiscal residence of the company. This helps the company, depending on the country, in issues like tax exemptions and withholding tax.

The Certificate of Fiscal Residence is valid for one year from date of issue.
Each certificate is only valid for one company and for income of the same nature. In case of several companies a Certificate of Fiscal Residence must be obtained for each one, and the same should be applied for income of different nature.

The Certificate of Fiscal Residence is the document required by several tax authorities for the application of:

  • Parent-Subsidiary Directive
  • Interest-Royalty Directive
  • Savings Directive
  • Double Taxation Treaties

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