An extension of time to file is not an extension of time to pay!


Frequently Asked Questions

What are the initial due dates for various income tax returns?

  • March 15th
    • Partnership and S-Corporation tax returns or extension forms
  • April 15th
    • Personal, Estate/Trusts, FinCEN Report 114 (relating to Report of Foreign Bank and Financial Accounts) and C-Corporation tax returns or extension forms
  • May 15th
    • Exempt Organization Annual Informational tax returns or extension forms
  • State tax return deadlines vary

How long to keep accounting and tax records?

  • 3 years
    • Depreciation/asset records - until you dispose of the asset, then 3 years
  • 4 years
    • Employment tax records - from the date tax becomes due or is paid - whichever is later
  • 5 years
    • From the date of filing or due date OR 2 years from the date you paid the tax - whichever is later
  • 6 years
    • If additional taxable income is more than 25% AGI
  • 7 years
    • Worthless securities or bad debt deductions
    • Business records (ap/ar, gl, etc.)
    • Canceled checks, bank accounts and credit cards