How Long Should You Keep Accounting Records?

Past tax returns, statements, and financial records have a life; you should keep them as long as needed to substantiate your filings. On the other hand, there is a moment when you can let the past go and relieve yourself of expired records. The general rule of thumb is seven years, but there are some…

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Efile sent

Thank you for letting us know that you have sent in your efile form, we must have missed it. I’ll find it – if you don’t hear from me then you can assume this is taken care of. — Alnie

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Email White Listing

You’ll need to whitelist our email address to ensure you receive important updates from us regarding your accounting and services that you order. Follow These Instructions for Gmail: 1. In your inbox, locate an email from jody@rcmycpa.com ( such as the welcome email for the product you just purchased, the document you just downloaded, or the confirmation of…

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Subscribe

We got your request! We send out useful information about accounting, finance and management, usually once every couple of weeks now somewhat more often due to COVID. We always appreciate your feedback and thanks for being a part of our family!

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April 3, 2020

This page is the recording of our Q&A session from April 3, 2020. Due to a recording issue, click here to get the slide presentation. Download the slides here. Link to small business definition.

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Covid-19 Relief for New York City Companies

In New York City Mayor de Blasio announced that the city will provide some relief for small businesses: Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000. Businesses with fewer than five employees can apply for a grant to…

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The IRS did formally push back tax filing to July 15, 2020

Last Updated: March 25 2020 IRS Frequently Asked Questions for Filing and Payments  IRS LINK  Some Details Deadline extended for all tax return due 4/15  (Individual, Business, Trust, Estate Income Tax)  NO EXTENSION FORMS NEED TO BE FILED  States are (will be) following the IRS deadlines  If you file and are due a REFUND they…

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More detail on NYC Loans

They require a signed affidavit, which you can download here for the continuity loan and here for the employee retention grant program. They want split out or broken down revenue statements for two consecutive months (Jan&Feb, or Feb&March) in 2020 Documentation of revenue following COVID-19 impact. Documents accepted include one or more of the following…

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March 26 Q&A

Here is the video of our Mar 26 Q&A Please remember that this is our best attempt to answer questions at a difficult time. This is informational only and none of it constitutes advice. We would have to understand your specific circumstances to give you advice, if you have any questions please contact us. You…

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