What to Keep?


Don’t be too aggressive when removing clutter from your desk or office.

The IRS insists records of employment taxes be kept for at least four years, and files should include:

Amounts and dates of all wage, annuity and pension payments.

Names, addresses, Social Security numbers and occupations of employees, as well as their dates of employment.

Employee copies of Form W-2 returned as undeliverable.

The fair market value of in-kind wages paid.

Copies of employees’ income tax withholding allowance certificates.

Dates and amounts of tax deposits.

Copies of returns filed.

Records of allocated tips and fringe benefits provided, including substantiation.

Source: www.irs.gov.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.