Generally, financial records should be kept on file until the expense, income or asset is no longer necessary for filing tax returns, which could be indefinitely, according to the Internal Revenue Service. The time lengt... More » Business & Finance Business Resources Accounting

According to the Internal Revenue Service, how long people should keep their tax records depends on the type and purpose of the documentation, but IRS and Forbes magazine guidelines say that keeping records three to six ... More » Business & Finance Taxes

The Sarbanes-Oxley Act of 2002 mandates accounting firms to retain financial statements and accounting documents for seven years, according to the U.S. Securities and Exchange Commission, or SEC. This includes records, d... More » Business & Finance Business Resources Accounting

The most authoritative source for the federal income tax rate tables is on the Internal Revenue Service (IRS) website, which also includes information on computing taxes and filing tax returns. As of March 2015, the Bank... More »

Generally Accepted Accounting Principles, or GAAP, mandate that accounting records only feature business activities that accountants can express in dollar sums, says GAAP rules also require that all financial ... More » Business & Finance Business Resources Accounting

In business and finance, keeping records is crucial for a variety of reasons, including monitoring the progress of a business, preparing tax returns, identifying various receipt sources and keeping track of deductible ex... More »

Loan requirements for a HomePath mortgage include income verification through tax returns and W-2s, credit scores through official credit reports, and asset verification through bank statements, according to TheMortgageR... More » Business & Finance Credit & Lending