FAQ
Common Questions | Consent to Disclosure of Tax Information | Records Retention
At Beall Barclay & Company, PLC, our goal is to serve you in ways that are valuable to you. We offer a variety of accounting services, and have offices in Western and Northwestern Arkansas. By reviewing the various departments of our firm, we hope to familiarize you with Beall Barclay & Company and the many services we provide. We have posted answers to many of the frequently asked questions that could be of interest to you, as well as posted more in-depth articles on various aspects of accounting. Our goal in providing you with this rich resource of information is for your own knowledge and convenience. If your questions aren’t answered below, don’t hesitate to contact us and one of our professionals will provide you with further information.
Common Questions
Q: What is the mileage reimbursement rate for 2010?
A: Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 50¢ per mile for business miles driven
- 16.5¢ per mile driven for medical or moving purposes
- 14¢ per mile driven in service of charitable organizations
Q: What is the mileage reimbursement rate for 2009?
A: January 1, 2009: IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 55¢ for business travel after 2008. That's 3.5¢ down from the 58.5¢ allowance for business mileage in the last six months of 2008. Further, the rate for using a car to get medical care or in connection with a move that qualifies for the moving expense deduction is 24¢ per mile, down 3¢ from the 27¢ per mile allowance for the last half of 2008.
Q: What is the Federal Minimum Wage?
A: Effective July 24, 2009 is $7.25
Q: What is the phone # for the Fort Smith, Arkansas IRS office?
A: 479-648-9433
Q: Where do I send/mail my 1099/1096?
A: If you are an Arkansas business...
Submit a state copy to Arkansas:
Department of Finance & Administration
W/H Tax Branch
PO Box 8055
LITTLE ROCK, AR 72203-8055
Submit a federal copy to the IRS:
INTERNAL REVENUE SERVICE CENTER
CINCINNATI, OH 45999
If you are an Oklahoma business...
Submit a state copy to Oklahoma:
OKLAHOMA TAX COMMISSION
P O BOX 26860
OKLAHOMA CITY, OK 73126-0860
Submit a federal copy to the IRS:
INTERNAL REVENUE SERVICE
KANSAS CITY, MO 64999
Link to: Consent To Disclosure of Tax Return Information Form
Records Retention Table
Q: How long should I retain my important documents?
A: The schedule below is provided for informational purposes only. Please contact legal counsel for guidelines applicable to your situation.
| Type of Record | Retention Period |
|---|---|
| Tax and legal correspondence | 7 years after liquidation of entity |
| Audit reports | 7 years after liquidation of entity |
| General ledger and journals | 7 years after liquidation of entity |
| Financial Statements | 7 years after liquidation of entity |
| Contracts and leases | 7 years after liquidation of entity |
| Real estate records | 7 years after liquidation of entity |
| Corporate stock records and minutes | 7 years after liquidation of entity |
| Bank statements and deposit slips | 6 years |
| Sales Records and Journals | 6 years |
| Other records relating to revenue | 6 years |
| Employee expense reports and records relating to travel and entertainment expenses |
7 years after liquidation of entity |
| Canceled checks | 3 years |
| Paid vendor invoices | 3 years |
| Employee payroll expense records | 3 years |
| Inventory records | 3 years (longer if you use LIFO) |
| Depreciation schedules | At least tax life of asset plus 3 years |
| Other capital asset records | At least tax life of asset plus 3 years |
| Other records relating to expenses | 3 years |
| Partnership agreement and amendments | Permanently |
| Operating agreement and amendments(LLC) | Permanently |
Taxpayers retaining records using paperless alternatives should refer to the following revenue procedures to ensure that records are acceptable to the IRS. Rev. Proc. 81-46 addresses retaining books and records on microfilm or microfiche (micrography technology). Rev. Proc. 97-22 updates the procedures in Rev. Proc. 81-46 for the advances in retaining records via electronic storage media such as magnetic tape, optical disk, CD-ROM, etc. Rev. Proc. 98-25 provides guidance on retention of automated data process (ADP) files or machine sensible records