One of the most frequently asked questions we get is:
“How long should tax records retained?”
There is no simple answer.
While the statute of limitations for tax audits is generally three years from the date the return is filed, it increases to six years if the IRS deems the return was filed negligently (generally when income is under reported by at least 25%). The accompanying record retention chart is an excellent guide to follow.
Records Retention Chart. – (PDF requires an Adobe reader.)
Note: If you cannot open this file, we will be happy to send you a copy.