|
What records and documents should you keep in case the IRS ever decides to audit you—and for how long should you keep them? Here’s some advice to consider: The standard statute of limitations is three years, but the IRS can audit up to six years after a filing if it suspects underreporting of income by more than 25 percent. If auditors find fraud, or if you fail to file a return at all, there is no statute of limitations. For this reason, many tax advisers recommend hanging on to your tax returns forever. Then, if the IRS claims it has…
Read More