IRS How Long should I keep Records

[Ron Musgraves]

http://www.irs.gov/businesses/small/...=98513,00.html

[Grime Busters, LLC]

I love this rule:

"You file a fraudulent return; keep records indefinitely."

[Ron Musgraves]

I love this rule:

"You file a fraudulent return; keep records indefinitely."

If you never file a Fradulent report your ok

[Terry Campbell]

I say hang on to them FOREVER Obama needs the cash right now.

[Scott Stone]

Statute of limitations is 7 years. They can't prosecute you past 7 years, but they can look at older records to determine where you have been cheating, and look more closely at those areas. No records, no way to determine it.

[Grime Busters, LLC]

I was audited several years ago. Strange to of learned the IRS didn't keep any of my previous years returns. I needed to provide everything, or face the consequences. If I remember correctly, they went back 3 years on me, maybe 5.

I jumped through all the hoops (actually my accountant did) and no "dirt" was ever revealed. Still had to pay my accountant for his time and services, but guess it could of been much worse.

[Russ Spence]

Statute of limitations is 7 years. They can't prosecute you past 7 years, but they can look at older records to determine where you have been cheating, and look more closely at those areas. No records, no way to determine it.

as usual Scott, YOUR RIGHT!

[Alexy]

If you look at federaljobs.com IRS has been massively hiring and training auditors for almost a year. ...wonder why?
Also never sign any administrative documents they will give you at the inital meeting you are signing away your rights and allowing them to look at your banl records to compare them to the tax filing for both you and your corporation
taxhelponline.com/tax-help.../surviving-a-tax-audit.html

[Grime Busters, LLC]

Because Obango is going to start going after the small business owners.

If you look at federaljobs.com IRS has been massively hiring and training auditors for almost a year. ...wonder why?
Also never sign any administrative documents they will give you at the inital meeting you are signing away your rights and allowing them to look at your banl records to compare them to the tax filing for both you and your corporation
taxhelponline.com/tax-help.../surviving-a-tax-audit.html

[Ron Musgraves]

Statute of limitations is 7 years. They can't prosecute you past 7 years, but they can look at older records to determine where you have been cheating, and look more closely at those areas. No records, no way to determine it.

So what are you saying? FIRE!!!

[Scott Stone]

Shred!!!

[RHLpressurewashing]

If you look at federaljobs.com IRS has been massively hiring and training auditors for almost a year. ...wonder why?
taxhelponline.com/tax-help.../surviving-a-tax-audit.html

I know this for a fact.....My friend was hired in the past 2 years. Why? That is a big question.

All I can say is dont cheat the government......I have seen a very wealthy close friend completely ripped to shreds in an IRS battle. They tore him up in the news papers and on the news and everything. He paid dearly to boot.

[welder]

I have been through a few incidences with the IRS. IMHO, State sales tax is worse. Not only are you dealing with your records, You are dealing with every one you deal with's records.

If there records are not up to snuff, YOU PAY1 No matter how tight you are.