Tax records: What to keep
As tax-filing season approaches, the Internal Revenue Service has information for taxpayers who wonder how long to keep tax returns and other documents.
Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file an amended return or if questions arise. Records relating to real estate should be kept up to seven years after disposing of the property.
Health care information statements should be kept with other tax records. Taxpayers should keep any records of employer-provided coverage, premiums paid, advance payments of the premium tax credit received and type of coverage. Taxpayers should keep these — as they do other tax records — generally for three years after they file their tax returns.
It is even more important for taxpayers to have a copy of last year’s tax return, as the IRS makes changes to authenticate and protect taxpayer identity. Beginning in 2017, some taxpayers who e-file will need to enter either the prior-year Adjusted Gross Income or the prior-year self-select PIN and date of birth. If filing jointly, both taxpayers’ identities must be authenticated with this information.
Taxpayers who need tax information can request a free transcript for the past three tax years. The ‘Get Transcript’ tool on IRS.gov is the fastest way to get a transcript.
doTerra Healing Hands Foundation releases year-end summary
The doTerra Healing Hands Foundation, the nonprofit organization arm of doTerra, announced that it donated nearly $3 million in 2016.
During the year, the foundation completed 30 projects affecting millions in countries throughout the world. Fifteen more projects are still in progress.
In 2016, the foundation announced a new partnership with Operation Underground Railroad, an organization dedicated to rescuing children from sex trafficking. During the year, doTerra helped the OUR organization with $500,000 in contributions. doTerra also contributed $250,000 to two other partners: Days for Girls, a nonprofit creating quality sustainable hygiene and health education for women and girls; and Mentors International, a charitable foundation offering microloans and program mentoring to impoverished entrepreneurs around the world.
In 2016, several wellness advocates also implemented projects and invited the doTerra foundation to participate by raising funds for each project. Three of these projects include Giveoils.org, SOL Collaborative, and the Mercy Mandate Foundation.
Additionally, in several of the countries where doTerra co-impact sourcing exists, the Healing Hands Foundation finds specific projects to support. This year’s co-impact sourcing expeditions in Nepal, in a partnership with Choice Humanitarian, resulted in building the first permanent, earthquake-resilient schools in all of Nepal following the aftermath of the earthquake in 2015. Co-impact sourcing also began work in Bulgaria and in Madagascar.
“The span of what the doTerra Healing Hands Foundation has accomplished this year is breathtaking” said David Stirling, doTerra founder and CEO. "Our combined efforts are making a real, significant difference for people around the world.”
Park City Culinary Institute to open Salt Lake location
The Park City Culinary Institute will be opening a new culinary school in Salt Lake City in January. The new school is located at 1484 S. State St.
PCCI will retain its current space in Park City at the Deer Valley Club for catered private events and corporate team-building programs. Once the new Salt Lake facility is fully operational, nearly all of PCCI’s certificate programs in culinary arts will be held at the new Salt Lake location.
“With students driving from hours away, we knew we needed to be in Salt Lake City,” said Laurie Moldawer, founder and CEO of Park City Culinary Institute. “It’s remarkable how many students have driven up to Deer Valley since we opened in 2013. After graduating dozens of students over the years, we knew exactly what type of facility we wanted, and that Salt Lake City was the place.”