Cpa client record retention requirements Form 2017-2022

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A question i frequently hear is how long do i have to keep records i'll discuss some requirements outlined by the irs to help answer this question the period of limitations is the amount of time in which you can amend your tax return to claim a credit or refund or the irs can assess additional tax or select you for an audit the period of limitations is generally three years if a return has been filed timely the return isn't fraudulent and all gross income has been reported the three-year span begins on the date of filing of their original return or two years from the date the tax was paid whichever is later records should be kept for seven years if there was a claim for worthless securities or a bad debt deduction the irs can request documents indefinitely if a return has not been filed or they presume fraudulent activity has occurred property related documentation must be kept until the period of limitations expires for the year of property disposal some records should be maintained longer if needed for other purposes prior to disposing of records contact relevant parties such as your insurance company or creditors businesses have a responsibility to substantiate entries deductions and statements made on the tax return this is known as the burden of proof the business must be able to prove certain elements of expenses to deduct them the burden of proof is met by having documentary evidence to support expenses such as receipts canceled checks or bills additional evidence is required for travel gifts and auto expenses keeping in mind that the length of time varies depending on the action expense or event which the document records documents that support an item of income deduction or credit reported on your tax return are required to be kept until that tax returns period or statute of limitations ends please discuss any uncertainties you may have related to record retention and documentation requirements with your ata tax advisor you.