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Certified Public Accountants |
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Mosford, Barthel & Co., PLC. |
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Mosford, Barthel & Co., PLC. is a local accounting firm with offices located in Monticello and Elk River, MN. The firm was founded in 1976 by Bob Mosford, CPA/PFS, and has continued to grow along with Monticello, Elk River, and the surrounding communities. |
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Record Retention |
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Just how long you should keep records is partly a matter of judgment and a combination of state and federal statutes of limitations. Federal returns can be audited for up to three years after filing (six years if underreported income is involved), so all records substantiating tax deductions should be kept at least that long. Here are recommended retention periods for various records:
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Monticello Office: 305 Cedar Street, Suite 201 Monticello, MN 55362 Tel: (763) 295-4800 Fax: (763) 295-4804
Elk River Office: 812 Main Street, Suite 210 Elk River, MN 55330 Tel: (763) 441-1384
Email: amoll@mbcocpa.com
Directions: Select office location below for Mapquest directions: |
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To contact us: |
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Copyright © 1999-2008 Mosford, Barthel & Co., PLC. |
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Record |
Retention Period |
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Cancelled Checks |
7 years |
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Credit card receipts |
7 years |
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Paid Invoices |
7 years |
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Bank deposit slips |
7 years |
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Tax returns (uncomplicated) |
7 years |
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Tax returns (all others) |
Permanent |
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Employment tax returns |
7 years |
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Expense records |
7 years |
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Entertainment records |
7 years |
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Financial statements |
Permanent |
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Contracts |
Permanent |
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Minutes of meetings |
Life of company plus 7 years |
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Corporate stock records |
Permanent |
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Employee records |
Period of employment plus 7 years |
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Depreciation schedules |
Life of assets plus 7 years |
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Real estate records |
Permanent |
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Journal & general ledger |
Life of business plus 7 years |
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Inventory records |
7 years |
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Home Improvement records |
Ownership period plus 7 years |
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Investment records |
Ownership period plus 7 years |