Client Resources
We Aren’t Your Average Twin Falls, ID Accounting Firm
If you think accounting is stuffy and boring, you haven’t been to Stevens Pierce & Associates, CPA’S. We believe in providing professional work while still having a good time. Our philosophy is why shouldn’t we have fun while we are doing what we love? Located in Twin Falls, ID, we provide small businesses and individuals in Magic Valley and Wood River Valley with expert accounting and tax filing services from trusted CPAs. As a highly respected yet fun accounting firm, we truly stand apart from the rest!
Record Retention Guide
Financial records quickly add up. Soon, your entire office might be filled with piles upon piles of records: which ones should you get rid of? According to federal law, you should keep your tax returns and related paperwork for three years. But, if the IRS believes there is a significant problem with your tax return, such as giving very inaccurate income information or committing fraud, the audit may search for paperwork from six years ago. Therefore, it is important to know which documents are worth keeping and for how long.
We also highly recommend storing paperwork electronically, by scanning them and storing them on an external hard drive, such as a CD or USB. You can also choose online backup, which keeps your information completely protected.
*Note: ALWAYS shred your financial paperwork to prevent identity theft!
How long should I keep business documents?
One Year
Correspondence with Customers and Vendors
Duplicate Deposit Slips
Purchase Orders (other than Purchasing Department copy)
Receiving Sheets
Requisitions
Stenographer’s Notebooks
Stockroom Withdrawal Forms
Three Years
Employee Personnel Records (after termination)
Employment Applications
Expired Insurance Policies
General Correspondence
Internal Audit Reports
Internal Reports
Petty Cash Vouchers
Physical Inventory Tags
Savings Bond Registration Records of Employees
Time Cards For Hourly Employees
Six Years
Accident Reports, Claims
Accounts Payable Ledgers and Schedules
Accounts Receivable Ledgers and Schedules
Bank Statements and Reconciliations
Cancelled Checks
Cancelled Stock and Bond Certificates
Employment Tax Records
Expense Analysis and Expense Distribution Schedules
Expired Contracts, Leases
Expired Option Records
Inventories of Products, Materials, Supplies
Invoices to Customers
Notes Receivable Ledgers, Schedules
Payroll Records and Summaries, including payment to pensioners
Plant Cost Ledgers
Purchasing Department Copies of Purchase Orders
Sales Records
Subsidiary Ledgers
Time Books
Travel and Entertainment Records
Vouchers for Payments to Vendors, Employees, etc.
Voucher Register, Schedules
Forever
Audit Reports from CPAs/Accountants
Cancelled Checks for Important Payments (especially tax payments)
Cash Books, Charts of Accounts
Contracts, Leases Currently in Effect
Corporate Documents (incorporation, charter, by-laws, etc.)
Documents substantiating fixed asset additions
Deeds
Depreciation Schedules
Financial Statements (Year End)
General and Private Ledgers, Year End Trial Balances
Insurance Records, Current Accident Reports, Claims, Policies
Investment Trade Confirmations
IRS Revenue Agents’ Reports
Journals
Legal Records, Correspondence and Other Important Matters
Minute Books of Directors and Stockholders
Mortgages, Bills of Sale
Property Appraisals by Outside Appraisers
Property Records
Retirement and Pension Records
Tax Returns and Worksheets
Trademark and Patent Registrations
How long should I keep personal documents?
One Year
Bank Statements
Canceled Checks
Paycheck Stubs (reconcile with W-2)
Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)
Three Years
Credit Card Statements
Expired Insurance Policies
Medical Bills (in case of insurance disputes)
Utility Records
Six Years
Accident Reports and Claims
Supporting Documents For Tax Returns
Medical Bills (if tax-related)
Property Records / Improvement Receipts
Sales Receipts
Wage Garnishments
Other Tax-Related Bills
Forever
CPA Audit Reports
Important Correspondence
Income Tax Returns
Income Tax Payment Checks
Investment Trade Confirmations
Legal Records
Retirement and Pension Records
Guidelines for Other Circumstances
Car Records (keep until the car is sold)
Credit Card Receipts (keep with your credit card statement)
Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)
Insurance Policies (keep for the life of the policy)
Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
Pay Stubs (keep until reconciled with your W-2)
Property Records / improvement receipts (keep until property sold)
Sales Receipts (keep for life of the warranty)
Stock and Bond Records (keep for 6 years beyond selling)
Warranties and Instructions (keep for the life of the product)
Other Bills (keep until payment is verified on the next bill)
Things to Do in the Area
Our team is very passionate about our community! We love the Twin Falls area and all it has to offer. Check out some of our favorite spots below!
Snake River Canyon
Snake River Canyon is home to Twin Falls (after which our city is named!), Shoshone Falls, and more. Hike along the Canyon Trail to experience all the natural beauty the canyon has to offer!
Herrett Center for Arts and Science
This museum is perfect for all ages. Enjoy the planetarium and the museum’s unique blend of arts, anthropology, natural history and more. Have fun while learning!
Zip the Snake
If you are looking for an adrenaline rush, Zip the Snake is for you. Soar across the Magic Valley on a zipline. The line crosses through the Snake River Canyon, offering an aerial view of this beautiful area!
Idaho Heritage Museum
Discover the history of Idaho at the Idaho Heritage Museum. See the peoples, animals, plants and more that made this state what is is today!
Magic Valley Mall
A trip to Twin Falls, ID isn’t complete without some shopping! Hit up the Magic Valley Mall for stores, dining and more.
Stevens Pierce & Associates, CPA’S is dedicated to the Twin Falls community. Check out our blog and contact us at 208-734-8662 for more information on how we can help you improve your financial situation. If you are a new client, you will receive a free one-hour consultation!
