Discover the ideal retention periods for individual and business tax files, the importance of digital storage, and tips for ...

How long should you store tax returns, statements, and supporting documents? Learn about the IRS records retention requirements.

Tax Facts 8555 / What is the CARES Act employee retention tax credit that was available during 2020 and 2021? Editor’s Note: In September 2023, the IRS stopped processing new ERC claims.

Regulations for sales tax returns vary by state. Check the rules for the states where you file sales tax returns. Retention periods typically range from three to six years.

A tax return is a form filed with a tax authority where a taxpayer states their income, expenses, and other information.

Sales records (7 years), tax returns and worksheets, correspondence (permanently), voucher registers, schedules, payments, etc. (7 years) The above record retention periods are only recommendations.

The National Taxpayer Advocate report detailed problems, including nearly 1.2 million employee retention credit claims that remained unprocessed.

The IRS recently released new FAQ guidance providing a simplified procedure for addressing income tax amendments and refund claims related to Employee Retention Credit (ERC) determinations.

Politics Chart: Presidential Candidates’ Tax Returns Republican candidate Donald Trump breaks from a 40-year tradition Republican candidate Donald Trump at Wednesday's debate in Las Vegas.

What's the likelihood that your income tax return will be audited this year by the Internal Revenue Service? The short answer: not very. In 2014, the IRS audited only 1% of all individual income ...

Theses record retention periods are only recommendations. However, you need to use your own judgment. If you have any doubt, save the records or speak to your tax advisor.