PVK Client Info Center

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Petrow, Vincent & Kane, P.C. | 8440 Woodfield Crossing Blvd, Suite 345 | Indianapolis, IN 46240

Phone: (317) 452-4700 | Fax: (317) 735-0023

Quarterly Newsletters

Where's my refund? - click here to track your IRS refund; click here to track your Indiana refund

- 201 1 IRS e-file refund cycle chart

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Federal tax credits for energy efficiency - click here

Indiana energy efficient credit -Energy Star Credit has reached the state’s $1 million limit

The Indiana Department of Revenue announced that as of March 1, 2011, claims toward the Energy Star Heating &

Cooling Equipment Credit had reached the state’s $1 million limit, which the legislature assigned to cover claims

toward this credit. Any claims received after the cap was reached will be denied.

A denial of the claim will result in a manual adjustment to the taxpayer’s return. This could cause a slight delay in

processing those returns. Those taxpayers’ whose claims have been denied will be notified in writing from the state

revenue agency.

Tax year 2010 was the last year to claim the Energy Star Heating & Cooling Equipment Credit.

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Standard Mileage Rate - click here for details

In response to rising gasoline prices, the IRS has raised the standard mileage rate for business use of an automobile from
51 cents per mile to 55½ per mile, effective July 1. The medical and moving standard mileage rate is increasing to 23½ per
mile, also on July 1.

The standard mileage rate for services to charitable organizations is set by statute at 14 cents per mile and remains
unchanged.

The former rates (51 cents per mile for business use, 19 cents per mile for medical and moving expenses) continue to apply
to expenses incurred from January 1 through June 30, 2011.

Blank Client Organizer - 2010 (current clients received via email or USPS in Dec)

ull organizer to assist you in gathering of tax documents -

click h

ere

-Engagement Letter & Client Questionnaire - print & send to us along with your tax documents -

click here


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IF you.....	THEN the period is.....
1. Owe additional tax and situations (2), (3) and (4) below do not apply to you	3 years
2. Do not report income that you should report and it is more than 25% of the gross income shown on the return	6 years
3. File a fraudulent return	not limited
4. Do not file a return	not limited
5. File a claim for credit or refund after you filed your return	Later of: 3 years or 2 years after tax was paid
6. File a claim for a loss from worthless securities or a bad debt deduction	7 years

Summary of How Long to Keep Records per IRS

(see IRS documents listed below for detailed information)

You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code.
Generally, this means you must keep records that support an item of income or deduction on a return until the period of
limitations for that return runs out. The period of limitations is the period of time in which you can amend your return to claim a
credit or refund, or the IRS can assess additional tax. The table below contains the periods of limitations that apply to income tax
returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are
treated as filed on the due date.

Period of Limitations Table

Business Document Retention Schedule

Record Keeping for Individuals (IRS document) Record Keeping for Businesses (IRS document)