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Beall Barclay and Company, PLC • Beall Barclay Wealth Management, LLC
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At Beall Barclay & Company, PLC, CPAs, our goal is to serve you in ways that are valuable to you. We offer a variety of accounting services through offices in western and northwestern Arkansas. We have posted answers to a few of the frequently asked questions that could be of interest to you here, as well as links to more in-depth information on various aspects of accounting throughout our site. This rich resource of information is for your own knowledge and convenience. If your questions aren’t answered below, don’t hesitate to contact us so one of our professionals can provide you with complete information.

 

 


 

Common Questions

 

Q: What is the mileage reimbursement rate for 2017?

A: Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 53.5¢ per mile for business miles driven

  • 17¢ per mile driven for medical or moving purposes

  • 14¢ per mile driven in service of charitable organizations

     

The rate for business miles driven during 2017 decreases half a cent from the 2016 rate. The medical and moving rate is down 2 cents per mile from the 2016 rate.


The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

 

 


 

Q: What is the Federal Minimum Wage?

A: Effective July 24, 2009 is $7.25

 


 

Q: What is the phone # for the Fort Smith, Arkansas IRS office?

A: 479-648-9433

 


 

Q: Where do I send/mail my 1099/1096?

For an ARKANSAS business, submit a state copy to:

Arkansas Department of Finance & Administration

Withholding Tax Branch

PO Box 8055

Little Rock, AR 72203-8055

Submit a federal copy to

DEPARTMENT OF THE TREASURY

INTERNAL REVENUE SERVICE CENTER

Austin, TX 73301

 

For an OKLAHOMA business, submit a state copy to:

Oklahoma requires a business to import bulk 1099 files via OkTap (Oklahoma Taxpayer Access Point).

If no computer availability and you have five (5) or fewer 1099’s, you can send paper copies to:

Oklahoma Tax Commission

Attn: Toni Webster

P.O. BOX 269054

Oklahoma City, OK  73126-9054

See the Oklahoma website for specific filing instructions at 

https://www.ok.gov/tax/faqs.html#c565

Submit a federal copy to:

DEPARTMENT OF THE TREASURY

INTERNAL REVENUE SERVICE

KANSAS CITY, MO 64999

 


 

Records Retention Table

Type of Record Retention Period

Tax and legal correspondence

7 years after liquidation of entity

Audit reports

7 years after liquidation of entity

General ledger and journals

7 years after liquidation of entity

Financial Statements

7 years after liquidation of entity

Contracts and leases

7 years after liquidation of entity

Real estate records

7 years after liquidation of entity

Corporate stock records and minutes

7 years after liquidation of entity

Bank statements and deposit slips

6 years

Sales Records and Journals

6 years

Other records relating to revenue

6 years

Employee expense reports and records relating to travel and entertainment expenses

7 years after liquidation of entity

Canceled checks

3 years

Paid vendor invoices

3 years

Employee payroll expense records

4 years

Inventory records

3 years (longer if you use LIFO)

Depreciation schedules

At least tax life of asset plus 3 years

Other capital asset records

At least tax life of asset plus 3 years

Other records relating to expenses

3 years

Partnership agreement and amendments

Permanently

Operating agreement and amendments (LLC)

Permanently


 



The Arkansas Small Business and Technology Development Center presents two QuickBooks Payroll workshops on November 16, at Beall Barclay & Company in Fort Smith. 


The Arkansas Small Business and Technology Development Center presents two hands-on workshops for QuickBooks Online users on October 19 at Beall Barclay & Company in Fort Smith.


Beall Barclay has been named the Best Place to Work in Arkansas by Arkansas Business and Best Companies Group. The company was honored with the prestigious Benchmark Award at an awards ceremony on September 20. This is the fifth annual listing by the magazine and Beall Barclay’s first appearance on the list.


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Developments in Tax and Business


Highlights of the Fiscal Cliff Tax Legislation


Developments in Tax and Business


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2016 Tax Planning Guide