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FAQs

The Answers You Need

How long should I keep my tax records for?

The answer to this question depends on the type of tax record and circumstances, and requires additional information to provide a thorough answer. For instance, certain creditors and even some insurance companies may require you to keep records longer than the IRS does.

In most cases, you should plan on keeping personal tax returns along with any supporting documents for a period of at least three years following the date you filed or the due date of your tax return, whichever is later.

I recieved a tax notice, what should I do? 

Call or email Ratliff Bookkeeping & Tax Service LLC as soon as you have received the notice, then send us a copy.  Ignoring initial letters can subject you to more aggressive collection efforts by the agencies.  Reminder - valid notices will be sent by mail, be suspicious of anyone calling indicating you have unpaid tax debts.

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 and can review business finances to give management a big-picture perspective. The bookkeeper records data; accountants turn it into usable information for business planning.

A CPA or certified public accountant is an accountant with a state license that has a broader range of tax and accounting knowledge

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