What should determine the duration of retention of your tax records?

[accountinglads]

It will take different time lengths depending on tax situation and type of records. IRS usually advises the retention of records three years after filing. In case income was underreported by more than 25 years, retain them to a period of six years. Hold them indefinitely in the instances of unfiled or fraudulent returns. Records connected with property need to be maintained until selling the asset and paying taxes. Payroll and employment tax records should also be kept by businesses at least four years. Having the right record keeping will foster compliance, facilitate audit, and simplify future correction or refunding. How Long Do I Need To Keep Tax Records

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