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FAQS

One Place For All Your Accounting Inquiries

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA AND A BOOKKEEPER?

Bookkeepers, accountants and certified public accountants (CPAs) all work with businesses' financial data. Bookkeepers record when a company receives, pays or owes money. Accountants provide more in-depth analysis than bookkeepers. A CPA or certified public accountant is an accountant with a state license. Most small and mid-sized businesses and non-profit organization do not need to spend thousands of dollars a year to have a CPA.  Valley Accounting LLC helps give the professional and in-depth services provided by CPA's without the added cost. 


HOW DO I KNOW IF VALLEY ACCOUNTING LLC IS RIGHT FOR MY NEEDS?

Are you looking for an economical choice to provide bookkeeping and accounting services? Are you lost when it comes to your business' books?  Do you have a handle on your books but could just use some advice or reporting help? We can help with that.  We like to cater to our client's needs.  Click our contact us page to start discussing your needs.

HOW LONG SHOULD I KEEP MY TAX RECORDS?

Period of Limitations that apply to income tax returns

  1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.

  2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

  3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

  4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.

  5. Keep records indefinitely if you do not file a return.

  6. Keep records indefinitely if you file a fraudulent return.

  7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

FAQ: FAQ
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