Re: [taxchat] Record Retention

You'll get 10 different answers from 10 different preparers.  The IRS says 3 years, I keep 10 years + just in case. Civil law says you can be sued within 7 years.  So I would keep at least 7 years.

 

 

 

----- Original Message -----

From: Laura Morton

To: taxchat@yahoogroups.com

Sent: 12/01/2008 2:52 PM

Subject: [taxchat] Record Retention

Ok….another year is about to come to a close not to mention I have an overflowing storage unit of 'paper'!!

How long as practitioners are we to maintain the backup to financial statement preparation and tax returns?

I am ready to shred boxes but don't want to get too aggressive!!

Thanks!

Laura M. Morton, EA

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