Information Center
• Client Tax Organizer
• Tax Due Dates
• Retention Guide
• Taxpayer Bill of Rights
• Tax Tips for Individuals
• Important 2024 Tax Changes
Taxpayer Bill of Rights
The IRS continues to highlight the 10 rights for taxpayers while also sharing them extensively with employees. Congress added these fundamental rights to the Internal Revenue Code (IRC) in late 2015. The IRC now requires the IRS Commissioner to ensure IRS employees are familiar with and act in accordance with the TBOR.
► Taxpayer Bill of Rights: #10, The Right to a fair and Just Tax System
FS-2016-19, April 2016 — The Taxpayer Bill of Rights clearly outlines the fundamental rights of every taxpayer, and the IRS wants every taxpayer to be aware of them when dealing with the agency. In 2014, the IRS adopted the TBOR as a cornerstone document, providing the nation's taxpayers with a better understanding of these rights.
► Taxpayer Bill of Rights: #9, The Right to Retain Representation
FS-2016-18, March 2016 — The Taxpayer Bill of Rights is a cornerstone document providing the nation’s taxpayers with fundamental rights when dealing with the Internal Revenue Service. The IRS wants every taxpayer to be aware of these rights when dealing with the agency.
► Taxpayer Bill of Rights: #8, The Right to Confidentiality
FS-2016-17, March 2016 — Every taxpayer has a set of fundamental rights to be aware of when dealing with the Internal Revenue Service.
► Taxpayer Bill of Rights: #7, The Right to Privacy
FS-2016-15, March 2016 — In 2014, the IRS adopted the Taxpayer Bill of Rights, which is a set of 10 fundamental rights every taxpayer should be aware of when dealing with the IRS.
► Taxpayer Bill of Rights: #6, The Right to Finality
FS-2016-14, March 2016 — The Taxpayer Bill of Rights is a cornerstone document providing the nation’s taxpayers with an understanding of their rights when working with the IRS.
► Taxpayer Bill of Rights: #5, The Right to Appeal an IRS Decision in an Independent Forum
FS-2016-13, March 2016 — The IRS wants every taxpayer to know and understand a set of 10 fundamental rights when dealing with the agency. In 2014, the IRS adopted the Taxpayer Bill of Rights as the cornerstone document to provide the nation’s taxpayers with a better awareness of those rights when dealing with the IRS.
► Taxpayer Bill of Rights: #4, The Right to Challenge the IRS Position and Be Heard
FS-2016-12, February 2016 — The Taxpayer Bill of Rights clearly outlines the fundamental rights of every taxpayer. In 2014, the IRS adopted the TBOR as a cornerstone document to provide the nation's taxpayers with a better understanding of these rights.
► Taxpayer Bill of Rights: #3, The Right to Pay No More than the Correct Amount of Tax
FS-2016-11, February 2016 — In 2014, the IRS adopted a Taxpayer Bill of Rights that has become a cornerstone document to provide the nation's taxpayers a better understanding of their fundamental rights when dealing with the agency.
► Taxpayer Bill of Rights: #2, The Right to Quality Service
FS-2016-9, February 2016 — In 2014, the IRS adopted a Taxpayer Bill of Rights that has become a cornerstone document to provide the nation's taxpayers a better understanding of their fundamental rights when dealing with the agency.
► Taxpayer Bill of Rights: #1, The Right to Be Informed
FS-2016-7, February 2016 — In 2014, the IRS adopted a Taxpayer Bill of Rights that has become a cornerstone document to provide the nation's taxpayers a better understanding of their fundamental rights when dealing with the agency.
* Please consult with your tax adviser before making a final decision as some information may have changed due to IRS rulings.
Retention Guide
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 under reported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.
► Business Documents To Keep For One Year
o Correspondence with Customers and Vendors
o Duplicate Deposit Slips
o Purchase Orders (other than Purchasing Department copy)
o Receiving Sheets
o Requisitions
o Stenographer's Notebooks
o Stockroom Withdrawal Forms
► Business Documents To Keep For Three Years
o Employee Personnel Records (after termination)
o Employment Applications
o Expired Insurance Policies
o General Correspondence
o Internal Audit Reports
o Internal Reports
o Petty Cash Vouchers
o Physical Inventory Tags
o Savings Bond Registration Records of Employees
o Time Cards For Hourly Employees
► Business Documents To Keep For Six Years
o Accident Reports, Claims
o Accounts Payable Ledgers and Schedules
o Accounts Receivable Ledgers and Schedules
o Bank Statements and Reconciliations
o Cancelled Checks
o Cancelled Stock and Bond Certificates
o Employment Tax Records
o Expense Analysis and Expense Distribution Schedules
o Expired Contracts, Leases
o Expired Option Records
o Inventories of Products, Materials, Supplies
o Invoices to Customers
o Notes Receivable Ledgers, Schedules
o Payroll Records and Summaries, including payment to pensioners
o Plant Cost Ledgers
o Purchasing Department Copies of Purchase Orders
o Sales Records
o Subsidiary Ledgers
o Time Books
o Travel and Entertainment Records
o Vouchers for Payments to Vendors, Employees, etc.
o Voucher Register, Schedules
► Business Records 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.
o Audit Reports from CPAs/Accountants
o Cancelled Checks for Important Payments (especially tax payments)
o Cash Books, Charts of Accounts
o Contracts, Leases Currently in Effect
o Corporate Documents (incorporation, charter, by-laws, etc.)
o Documents substantiating fixed asset additions
o Deeds
o Depreciation Schedules
o Financial Statements (Year End)
o General and Private Ledgers, Year End Trial Balances
o Insurance Records, Current Accident Reports, Claims, Policies
o Investment Trade Confirmations
o IRS Revenue Agents. Reports
o Journals
o Legal Records, Correspondence and Other Important Matters
o Minutes Books of Directors and Stockholders
o Mortgages, Bills of Sale
o Property Appraisals by Outside Appraisers
o Property Records
o Retirement and Pension Records
o Tax Returns and Worksheets
o Trademark and Patent Registrations
► Personal Documents To Keep For One Year
o While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.
