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All About Record Retention, a.k.a. How Long You Should Keep Important Documents
We are often asked, “How long do I need to retain various documents in my records?” Using the American Institute of Certified Public Accountants’ (AICPA’s) Filing and Record Retention Procedures Recommendations as a guide, we’ve compiled a list that provides guidance as to how long various types of documents should be retained. Regardless, any document that is required to substantiate a tax deduction should be kept for a minimum of seven years.
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August 16, 2021
Answers to Your Questions on Trusts, Part II
We’ve come to the second installment in our two-part series on trusts. In Part I, we took a look at the basics of trusts and some of the reasons they may or may not be right for you. If you haven’t had a chance to check it out, you can find it here. Now we’re ready to compare the specific differences between revocable and irrevocable trusts.