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 How long should I maintain my tax
records?
We’re frequently asked "how long should we be keeping all
of these financial records?" We recommend that you keep:
a. Tax returns and supporting documents - permanently
b. Financial statements and bank statements – 5 years
c. Invoices for products and services – 4 years
All PMC clients receive a comprehensive client
guidelines handbook. This handy reference includes specifics
on maintaining financial, billing & collections, and
personnel records, as well as recommendations for personnel
policies, tax, payroll and benefit forms, and workplace
notices.
What forms are necessary when I
hire new employees? Where can I get them?
In addition to the
US W-4 form required for employee
identification of taxes and exemptions, all employers must
complete and maintain a
US I-9 form for each employee.
California Employers are required to complete and submit
Form DE-34 to report new employees to the State Economic
Development Department. These are only a few of the many
forms and informational items that must be provided to new
employees. PMC Clients receive a comprehensive checklist of
all necessary forms to help you comply with State and
Federal requirements.
 Are business meals deductible expenses?
Rules Regarding the Deductibility of
Meals
Meals can only be deducted as a
business expense if they are directly related or associated
with the active conduct of a trade or business. There must
be valid business purpose to the meal for it to be a
deductible expense. Once this test is established, the
expense falls into two categories:
50% deductible or 100% deductible. There is an
additional caveat that if a meal is considered “lavish and
extravagant" under the circumstances, the extra portion
attributable to extravagance is not deductible at all. Meals
with employees or business partners are only deductible if
there is a direct or indirect business purpose.
Meal specifics: 50% deductible or 100% deductible?
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