NEWS ALERT: What Financial Records Should I Keep?

Good financial records lay the foundation for mapping business progress, preparing statements, identifying key income sources, tracking deductible expenses, keeping track of property, preparing your tax returns, and supporting the items you report on tax returns. One of the questions we get most often is how long to keep financial documents. Generally, the length of time you should keep a document depends on the action, expense or event the document records. Income Tax Records Well-organized records make it easier to prepare a tax return and help provide important information if your return is selected for examination or to prepare a response if you receive an IRS notice. The information below reflects the statutes of limitations that apply to income tax returns. Put simply, this is the amount of time during which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax after the return was filed. 3 years from the due date or date filed, … [Read more...]

Operational Efficiencies Part IV – How to Prioritize and Decide What Opportunities to Explore and Implement

How to Prioritize

Welcome back to our series exploring the introduction of Operational Efficiencies to your business. In our first three installments, we discussed: The need for implementing efficiencies to thrive and create competitive advantage in a rapidly changing environment. “Rules of the Game” to encourage ideas and promote participation of all team members. Capturing and organizing ideas and opportunities for improvement. … [Read more...]

NEWS ALERT: Emancipation Day Pushes Tax Filing Date to April 18

If you are one of those adrenalin-junkies who waits until the last minute to file your taxes, you’ll have a few more days to fill the rush this year – thanks to Emancipation Day. Observance of this low-profile federal holiday, which was created to commemorate the end of slavery, has extended the 2017 tax filing date to Tuesday, April 18. Federal law dictates that the tax filing date cannot occur on a weekend day or federal holiday. A legal holiday in the District of Columbia, Emancipation Day recognizes the signing of the DC Compensated Emancipation Act of 1862 which ended slavery in our nation’s capital. IRS offices are closed April 16 in observance of Emancipation Day. This year, however, Emancipation Day falls on a Sunday, which pushes the official observance to Monday, April 17. With Monday designated as a federal holiday, the tax filing deadline moves to Tuesday, April 18. Filers may take advantage of this extended due date to gather their tax information. Please note the … [Read more...]

Operational Efficiencies Part III – Creating, Capturing and Organizing Your Ideas

Suggestion Box

Remember the old “suggestions box?” Input from all levels of the company drives success by bringing ideas and opportunities to the forefront that otherwise would not be considered. Including everyone in the suggestion loop promotes comradery, encourages ownership in the process and rewards good ideas and follow-thru with recognition. … [Read more...]