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  1. #1
    Exterior Restoration Specialist 21000 PLUS POSTER Ron Musgraves's Avatar
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    IRS How Long should I keep Records

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  3. #3
    Exterior Restoration Specialist 21000 PLUS POSTER Ron Musgraves's Avatar
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    Quote Originally Posted by Jim Cooney View Post
    I love this rule:

    "You file a fraudulent return; keep records indefinitely."
    If you never file a Fradulent report your ok
    Ron Musgraves

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  4. #4
    Member Professor with Tenure Terry Campbell's Avatar
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    I say hang on to them FOREVER Obama needs the cash right now.
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  5. #5
    Parking Garage Expert 6000 PLUS POSTER Scott Stone's Avatar
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    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.
    www.gen2genbooks.com
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  6. #6
    Member Honorary Professor Grime Busters, LLC's Avatar
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    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.

  7. #7
    Commercial Pressure Wash Expert Power Wash & SoftWash Specialist Former PWI Administrator 15000 PLUS POSTER Russ Spence's Avatar
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    Quote Originally Posted by Scott Stone View Post
    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!

  8. #8
    Member Honorary Professor Alexy's Avatar
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    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
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  9. #9
    Member Honorary Professor Grime Busters, LLC's Avatar
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    Because Obango is going to start going after the small business owners.


    Quote Originally Posted by Alexy View Post
    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

  10. #10
    Exterior Restoration Specialist 21000 PLUS POSTER Ron Musgraves's Avatar
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    Quote Originally Posted by Scott Stone View Post
    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!!!
    Ron Musgraves

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    Pressure Washing services.







  11. #11
    Parking Garage Expert 6000 PLUS POSTER Scott Stone's Avatar
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    Shred!!!
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    Scott Stone
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  12. #12
    Member Freshman Undergraduate RHLpressurewashing's Avatar
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    Quote Originally Posted by Alexy View Post
    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.

  13. #13
    Member Graduate Student welder's Avatar
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    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.

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