AA ASSOCIATES & COMPLIANCE
Care Your Accounting Needs!
Frequently Asked Questions FAQs
In the salad days of millennium, we can see an evolution in every field around us. Likewise, we have been facing so many tremendous changes in our financial industry as well. It is essential that we need to standby with the latest updates in every aspect of our industry. We do energetically compete with the giant experts of financial sector in the market. Though, these changes make our customers to ask so many questions and clarifications before and after their proceedings. We play a vital role in providing sufficient information based on their concerns in their businesses. Here, we would love to see the mostly asked interrogations by the clients below.
HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?
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Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
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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.
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Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
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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.
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Keep records indefinitely if you do not file a return.
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Keep records indefinitely if you file a fraudulent return.
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Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. We AA Associates & Compliance make this entire accounting procedure as a serious note on behalf of our valuable clients, take crucial decisions while reading their Balance Sheets.
WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA AND A BOOKKEEPER?
In general, Bookkeepers, Accountants, and Certified Public Accountants (CPAs) all work with businesses' financial data.
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Firstly, Bookkeepers record when a company receives pays, or owes money.
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Next, Accountants provide more in-depth analysis of financial transactions than bookkeepers.
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Lastly, A CPA or Certified Public Accountant is an accountant with an authorized state license.
Book keeping: We show our expertism range of book keeping skills on the company's financial transactions into organized accounts on a daily basis.
Tally: Business owners need to use accounting software to keep track
of business performance. They use any of the versions as they wish.
We give assistance whatever they use. In fact, the usage of software makes
our work easier and smarter too.
GST: Indirect tax which introduced to replacing a host of other Indirect taxes such as value added tax, service tax, ...
ITR: Income Tax Returns or ITR is a form used to declare the net tax liability, claiming of tax deductions, and to report the gross taxable income.
