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Https www freefilefillableforms com ffa freefileforms htm Publication 597 - Introductory Material Table of Contents Introduction Introduction This publication provides information on the income tax treaty between the United States and Canada. Https www freefilefillableforms com ffa freefileforms htm It discusses a number of treaty provisions that often apply to U. Https www freefilefillableforms com ffa freefileforms htm S. Https www freefilefillableforms com ffa freefileforms htm citizens or residents who may be liable for Canadian tax. Https www freefilefillableforms com ffa freefileforms htm Treaty provisions are generally reciprocal (the same rules apply to both treaty countries). Https www freefilefillableforms com ffa freefileforms htm Therefore, a Canadian resident who receives income from the United States may refer to this publication to see if a treaty provision may affect the tax to be paid to the United States. Https www freefilefillableforms com ffa freefileforms htm This publication does not deal with Canadian income tax laws; nor does it provide Canada's interpretation of treaty articles, definitions, or specific terms not defined in the treaty itself. Https www freefilefillableforms com ffa freefileforms htm The United States—Canada income tax treaty was signed on September 26, 1980. Https www freefilefillableforms com ffa freefileforms htm It has been amended by five protocols, the most recent of which generally became effective January 1, 2009. Https www freefilefillableforms com ffa freefileforms htm In this publication, the term “article” refers to the particular article of the treaty, as amended. Https www freefilefillableforms com ffa freefileforms htm Prev  Up  Next   Home   More Online Publications
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Risk Management Agency (Agriculture Department)

The Department of Agriculture's Risk Management Agency administers the Federal Crop Insurance Corporation and provides risk management information and services to farmers and producers.

Contact the Agency or Department

Website: Risk Management Agency (Agriculture Department)

Contact In-Person: Risk Management Agency Local Offices

E-mail:

Address: 1400 Independence Ave SW
Mailstop 0801

Washington, DC 20250-0801

Phone Number: (202) 690-2803

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Https www freefilefillableforms com ffa freefileforms htm 1. Https www freefilefillableforms com ffa freefileforms htm   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Https www freefilefillableforms com ffa freefileforms htm This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Https www freefilefillableforms com ffa freefileforms htm Tax records are not the only type of records you need to keep for your farming business. Https www freefilefillableforms com ffa freefileforms htm You should also keep records that measure your farm's financial performance. Https www freefilefillableforms com ffa freefileforms htm This publication only discusses tax records. Https www freefilefillableforms com ffa freefileforms htm The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Https www freefilefillableforms com ffa freefileforms htm For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Https www freefilefillableforms com ffa freefileforms htm ffsc. Https www freefilefillableforms com ffa freefileforms htm org. Https www freefilefillableforms com ffa freefileforms htm For more information, contact Countryside Marketing, Inc. Https www freefilefillableforms com ffa freefileforms htm in the following manner. Https www freefilefillableforms com ffa freefileforms htm Call 262-253-6902. Https www freefilefillableforms com ffa freefileforms htm Send a fax to 262-253-6903. Https www freefilefillableforms com ffa freefileforms htm Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Https www freefilefillableforms com ffa freefileforms htm , #287 Menomonee Falls, WI 53051. Https www freefilefillableforms com ffa freefileforms htm Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Https www freefilefillableforms com ffa freefileforms htm Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Https www freefilefillableforms com ffa freefileforms htm Recordkeeping will help you do the following. Https www freefilefillableforms com ffa freefileforms htm Monitor the progress of your farming business. Https www freefilefillableforms com ffa freefileforms htm   You need records to monitor the progress of your farming business. Https www freefilefillableforms com ffa freefileforms htm Records can show whether your business is improving, which items are selling, or what changes you need to make. Https www freefilefillableforms com ffa freefileforms htm Records can help you make better decisions that may increase the likelihood of business success. Https www freefilefillableforms com ffa freefileforms htm Prepare your financial statements. Https www freefilefillableforms com ffa freefileforms htm   You need records to prepare accurate financial statements. Https www freefilefillableforms com ffa freefileforms htm These include income (profit and loss) statements and balance sheets. Https www freefilefillableforms com ffa freefileforms htm These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Https www freefilefillableforms com ffa freefileforms htm Identify source of receipts. Https www freefilefillableforms com ffa freefileforms htm   You will receive money or property from many sources. Https www freefilefillableforms com ffa freefileforms htm Your records can identify the source of your receipts. Https www freefilefillableforms com ffa freefileforms htm You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Https www freefilefillableforms com ffa freefileforms htm Keep track of deductible expenses. Https www freefilefillableforms com ffa freefileforms htm   You may forget expenses when you prepare your tax return unless you record them when they occur. Https www freefilefillableforms com ffa freefileforms htm Prepare your tax returns. Https www freefilefillableforms com ffa freefileforms htm   You need records to prepare your tax return. Https www freefilefillableforms com ffa freefileforms htm For example, your records must support the income, expenses, and credits you report. Https www freefilefillableforms com ffa freefileforms htm Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Https www freefilefillableforms com ffa freefileforms htm Support items reported on tax returns. Https www freefilefillableforms com ffa freefileforms htm   You must keep your business records available at all times for inspection by the IRS. Https www freefilefillableforms com ffa freefileforms htm If the IRS examines any of your tax returns, you may be asked to explain the items reported. Https www freefilefillableforms com ffa freefileforms htm A complete set of records will speed up the examination. Https www freefilefillableforms com ffa freefileforms htm Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Https www freefilefillableforms com ffa freefileforms htm You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Https www freefilefillableforms com ffa freefileforms htm You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Https www freefilefillableforms com ffa freefileforms htm See  chapter 2. Https www freefilefillableforms com ffa freefileforms htm If you are in more than one business, you should keep a complete and separate set of records for each business. Https www freefilefillableforms com ffa freefileforms htm A corporation should keep minutes of board of directors' meetings. Https www freefilefillableforms com ffa freefileforms htm Your recordkeeping system should include a summary of your business transactions. Https www freefilefillableforms com ffa freefileforms htm This summary is ordinarily made in accounting journals and ledgers. Https www freefilefillableforms com ffa freefileforms htm For example, they must show your gross income, as well as your deductions and credits. Https www freefilefillableforms com ffa freefileforms htm In addition, you must keep supporting documents. Https www freefilefillableforms com ffa freefileforms htm Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Https www freefilefillableforms com ffa freefileforms htm These documents contain the information you need to record in your journals and ledgers. Https www freefilefillableforms com ffa freefileforms htm It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Https www freefilefillableforms com ffa freefileforms htm Keep them in an orderly fashion and in a safe place. Https www freefilefillableforms com ffa freefileforms htm For instance, organize them by year and type of income or expense. Https www freefilefillableforms com ffa freefileforms htm Electronic records. Https www freefilefillableforms com ffa freefileforms htm   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Https www freefilefillableforms com ffa freefileforms htm When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Https www freefilefillableforms com ffa freefileforms htm An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Https www freefilefillableforms com ffa freefileforms htm The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Https www freefilefillableforms com ffa freefileforms htm All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Https www freefilefillableforms com ffa freefileforms htm Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Https www freefilefillableforms com ffa freefileforms htm The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Https www freefilefillableforms com ffa freefileforms htm You still have the responsibility of retaining any other books and records that are required to be retained. Https www freefilefillableforms com ffa freefileforms htm The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Https www freefilefillableforms com ffa freefileforms htm This test is not considered an examination and the results must be shared with you. Https www freefilefillableforms com ffa freefileforms htm If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Https www freefilefillableforms com ffa freefileforms htm If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Https www freefilefillableforms com ffa freefileforms htm For details on electronic storage system requirements, see Rev. Https www freefilefillableforms com ffa freefileforms htm Proc. Https www freefilefillableforms com ffa freefileforms htm 97-22. Https www freefilefillableforms com ffa freefileforms htm You can find Rev. Https www freefilefillableforms com ffa freefileforms htm Proc. Https www freefilefillableforms com ffa freefileforms htm 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Https www freefilefillableforms com ffa freefileforms htm irs. Https www freefilefillableforms com ffa freefileforms htm gov/pub/irs-irbs/irb97-13. Https www freefilefillableforms com ffa freefileforms htm pdf. Https www freefilefillableforms com ffa freefileforms htm Travel, transportation, entertainment, and gift expenses. Https www freefilefillableforms com ffa freefileforms htm   Specific recordkeeping rules apply to these expenses. Https www freefilefillableforms com ffa freefileforms htm For more information, see Publication 463. Https www freefilefillableforms com ffa freefileforms htm Employment taxes. Https www freefilefillableforms com ffa freefileforms htm   There are specific employment tax records you must keep. Https www freefilefillableforms com ffa freefileforms htm For a list, see Publication 51 (Circular A). Https www freefilefillableforms com ffa freefileforms htm Excise taxes. Https www freefilefillableforms com ffa freefileforms htm   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Https www freefilefillableforms com ffa freefileforms htm Assets. Https www freefilefillableforms com ffa freefileforms htm   Assets are the property, such as machinery and equipment, you own and use in your business. Https www freefilefillableforms com ffa freefileforms htm You must keep records to verify certain information about your business assets. Https www freefilefillableforms com ffa freefileforms htm You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Https www freefilefillableforms com ffa freefileforms htm Your records should show all the following. Https www freefilefillableforms com ffa freefileforms htm When and how you acquired the asset. Https www freefilefillableforms com ffa freefileforms htm Purchase price. Https www freefilefillableforms com ffa freefileforms htm Cost of any improvements. Https www freefilefillableforms com ffa freefileforms htm Section 179 deduction taken. Https www freefilefillableforms com ffa freefileforms htm Deductions taken for depreciation. Https www freefilefillableforms com ffa freefileforms htm Deductions taken for casualty losses, such as losses resulting from fires or storms. Https www freefilefillableforms com ffa freefileforms htm How you used the asset. Https www freefilefillableforms com ffa freefileforms htm When and how you disposed of the asset. Https www freefilefillableforms com ffa freefileforms htm Selling price. Https www freefilefillableforms com ffa freefileforms htm Expenses of sale. Https www freefilefillableforms com ffa freefileforms htm   The following are examples of records that may show this information. Https www freefilefillableforms com ffa freefileforms htm Purchase and sales invoices. Https www freefilefillableforms com ffa freefileforms htm Real estate closing statements. Https www freefilefillableforms com ffa freefileforms htm Canceled checks. Https www freefilefillableforms com ffa freefileforms htm Bank statements. Https www freefilefillableforms com ffa freefileforms htm Financial account statements as proof of payment. Https www freefilefillableforms com ffa freefileforms htm   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Https www freefilefillableforms com ffa freefileforms htm These include account statements prepared for the financial institution by a third party. Https www freefilefillableforms com ffa freefileforms htm These account statements must be legible. Https www freefilefillableforms com ffa freefileforms htm The following table lists acceptable account statements. Https www freefilefillableforms com ffa freefileforms htm IF payment is by. Https www freefilefillableforms com ffa freefileforms htm . Https www freefilefillableforms com ffa freefileforms htm . Https www freefilefillableforms com ffa freefileforms htm THEN the statement must show the. Https www freefilefillableforms com ffa freefileforms htm . Https www freefilefillableforms com ffa freefileforms htm . Https www freefilefillableforms com ffa freefileforms htm Check Check number. Https www freefilefillableforms com ffa freefileforms htm Amount. Https www freefilefillableforms com ffa freefileforms htm Payee's name. Https www freefilefillableforms com ffa freefileforms htm Date the check amount was posted to the account by the financial institution. Https www freefilefillableforms com ffa freefileforms htm Electronic funds  transfer Amount transferred. Https www freefilefillableforms com ffa freefileforms htm Payee's name. Https www freefilefillableforms com ffa freefileforms htm Date the transfer was posted to the account by the financial institution. Https www freefilefillableforms com ffa freefileforms htm Credit card Amount charged. Https www freefilefillableforms com ffa freefileforms htm Payee's name. Https www freefilefillableforms com ffa freefileforms htm Transaction date. Https www freefilefillableforms com ffa freefileforms htm    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Https www freefilefillableforms com ffa freefileforms htm You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Https www freefilefillableforms com ffa freefileforms htm Tax returns. Https www freefilefillableforms com ffa freefileforms htm   Keep copies of your filed tax returns. Https www freefilefillableforms com ffa freefileforms htm They help in preparing future tax returns and making computations if you file an amended return. Https www freefilefillableforms com ffa freefileforms htm Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Https www freefilefillableforms com ffa freefileforms htm How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Https www freefilefillableforms com ffa freefileforms htm Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Https www freefilefillableforms com ffa freefileforms htm A period of limitations is the period of time after which no legal action can be brought. Https www freefilefillableforms com ffa freefileforms htm Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Https www freefilefillableforms com ffa freefileforms htm However, certain records must be kept for a longer period of time, as discussed below. Https www freefilefillableforms com ffa freefileforms htm Employment taxes. Https www freefilefillableforms com ffa freefileforms htm   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Https www freefilefillableforms com ffa freefileforms htm Assets. Https www freefilefillableforms com ffa freefileforms htm   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Https www freefilefillableforms com ffa freefileforms htm You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Https www freefilefillableforms com ffa freefileforms htm   You may need to keep records relating to the basis of property longer than the period of limitation. Https www freefilefillableforms com ffa freefileforms htm Keep those records as long as they are important in figuring the basis of the original or replacement property. Https www freefilefillableforms com ffa freefileforms htm Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Https www freefilefillableforms com ffa freefileforms htm For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Https www freefilefillableforms com ffa freefileforms htm For more information on basis, see chapter 6. Https www freefilefillableforms com ffa freefileforms htm Records for nontax purposes. Https www freefilefillableforms com ffa freefileforms htm   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Https www freefilefillableforms com ffa freefileforms htm For example, your insurance company or creditors may require you to keep them longer than the IRS does. Https www freefilefillableforms com ffa freefileforms htm Prev  Up  Next   Home   More Online Publications