How long do I need to keep the records from a tax year? How many years after filing is an audit by the IRS possible?
2006-08-16 04:50:39 · 14 answers · asked by frozenfun 2 in Business & Finance ➔ Taxes ➔ United States
they say keep your records for 7 years....
2006-08-17 06:02:45 · answer #1 · answered by tiffany6322 4 · 0⤊ 0⤋
In case you are audited, you should keep records going back atleast 5 years. As far as being Audited, it happens at random and ONLY if you raised a red flag in the eyes of the IRS on a more current tax return.
2006-08-16 05:00:52 · answer #2 · answered by Mattness615 2 · 0⤊ 0⤋
You are subject to audit for the present year plus three years back. A section of the Government Code in my state requires that you keep any "business records" for seven years. I just had a circumstances where tax records were needed for some other legal matter 15 years back to the present. And yes tax fraud does not have a statute of limitation so if there is the slightest possibility you will be questioned you may find them helpful. Unless you are guilty of fraud in which case you may want to burn them the first year! (Just kidding, doing so would not be sound legal advise)
2006-08-16 07:33:44 · answer #3 · answered by ? 6 · 0⤊ 0⤋
According to IRS you will need to keep all tax records for a minimum of 7 years!@
2006-08-16 05:02:44 · answer #4 · answered by nswblue 6 · 0⤊ 0⤋
I believe you are to keep up to ten years. They may only check back three or four years, but to be safe I would keep records from ten years til' now. To make easy access to those records file them in a personal Document file on your computer and put the paper work in boxes, or filing cabinets out of reach until it is asked for or not needed anymore.
2006-08-16 05:02:39 · answer #5 · answered by Bethany B 2 · 0⤊ 0⤋
5-7 years. Although there is no time limit for the IRS to audit anyone or exercise a claim back taxes.
If there are no questionable returns, it is unlikely that one will show up in that time period.
Returns, if, are usually audited and satisfied within that time period.
My business recommendations, and can apply to personal. Bear in mind that the individual must prove innocence.
2006-08-16 05:01:35 · answer #6 · answered by ed 7 · 0⤊ 0⤋
Three years to keep past tax records/returns and an aduit can happen at any given time, its a surprise.
2006-08-16 04:57:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
first of all - there is no statute of limitations of tax evasion or fraud. so if you have been doing things right, then 7 years is how long you should keep your records.
by the way, the irs will cash checks made out to the
INFERNAL REVENUE SERVICE. been doing it forever.
good luck and have a great day!
2006-08-16 04:56:18 · answer #8 · answered by annie - rainbow goddess 4 · 0⤊ 0⤋
you have to keep records for at least 7 years.
2006-08-16 04:55:59 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I think 7 years
2006-08-16 04:56:18 · answer #10 · answered by Cherie M 2 · 0⤊ 0⤋