The IRS recently released an informative bulletin regarding the management of your tax records.  As a Certified Public Accountant, I am often asked, “How long do I need to keep my tax returns after I’ve filed?”  Here are some of the tips shared from the IRS’ release:

• Normally, tax records should be kept for three years.
• Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
• In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return.
• Records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.

For more information, click here to read the release.  The IRS also recommends reviewing Publication 552, Recordkeeping for Individuals, for more details regarding tax documentation.

Kelly A. O’Leary, CPA, CGMA, MBA, CITP
Director of Finance and Administration

Recently featured on Entrepreneur.com, key networking points we should all implement are broken down by Lewis Howes.  Here is the short list:

1. Ask insightful questions. Get the details for future reference.
2. Add value. Identify ways to help and take action.
3. Learn their “story.” Learn how they got where they are.
4. Share a memorable fact. Don’t use a canned elevator speech – make it personal.
5. Keep a list. Writing down important things keeps them from falling through the cracks.
6. Make small promises and keep them. Return call or email builds reputation for trustworthiness.
7. Reward “power” contacts. Do something each week to add value to your top 5 or 10 networking partners.

To learn more about these simple steps and review the entire article with suggestions, click here.

As a lender, we rely on credit scores to help us decide who we should lend money to.  As you might guess, it’s important to us as a lender that we do business with people and law firms that demonstrate an ability and willingness to properly manage and repay their debt in a timely manner.

While it’s important for consumers to track their credit history and know their credit scores, it’s also important to note that not all credit scores are the same.  Most lenders use the FICO/Beacon scoring methodology and all 3 reporting agencies (i.e. TransUnion, Equifax and Experian) provide these scores.  However, a newer scoring methodology (Vantage) is being seen in the marketplace on occasion that has a different scale.  It appears as if all 3 reporting agencies can also provide Vantage scores.

The Vantage score uses a 500-990 scoring range and the FICO/Beacon uses a 300-850 range, so a particular score on the Vantage system is not the same as the same score on the FICO/Beacon system.  While it is not easy to compare the two, based on my research, I would say that if you have a 650 score (or so) on a FICO/Beacon model, you would have a roughly 750 score using a Vantage model.

Here is a link to a good overview of the differences between the two – http://creditcardforum.com/blog/vantagescore-vs-fico-score/.