Posted on 07/24/2007 11:55:11 AM PDT by LouAvul
That's the question. I've heard three years. But I've always feared they'd demand my records for four years ago.
Kind of like that tag on my mattress that says, "Do not remove under penalty of law." That thing's been on there so long it's all ragged and faded. Can't read it but I never removed it.
;)
Well, it all depends on whether you’re planning to get audited or sued or not. If you’re not going to get audited or sued, you don’t need to keep any taxes.
I keep them for seven years but I forget why.
Seven years, unless you get the IRS letter at 6 years and 364 days. Then, nearly forever.
United States law requires all new mattresses, pillows, upholstered chairs, and similar stuffed articles to be sold with a tag, the law label, describing the fabric and filling.
The tag previously read, "Do not remove under penalty of law," which caused some consumers to believe that they could be arrested for cutting it off.
The wording has since been changed to reflect that it is legal for the consumer to remove the tag from a mattress after purchase.
Now I find out.
After decades on the run.
Ha haha haa!
Now I find out. After decades on the run .......
It’s OK now, no need to run, they took your picture off the Post Office wall a few years ago. It’s safe to go home now.
Boy, am I glad I read this thread.
Also, the IRS does keep copies of all of your returns, but if you get audited and the IRS says you are committing fraud, you probably want not only the returns themselves but also the supporting documentation you used when you created them.
As for tax fraud what your attorney probably meant is that, if the IRS suspects criminal behavior on your part, it can pull and inspect your records back to the dawn of time (in order to establish a pattern of behavior). But with regard to liability, penalties, jail terms, etc., the Statute of Limitations applies as it does in any non-capital case.
So in other words, the IRS lawyer is entitled to determine that you opened the Cayman Islands account in 1975, but there's a limit to how far back he or she can go for the purpose of prosecution, in the sense that the $100K you transferred in 1975 is probably untouchable.
See § 6501. Limitations on assessment and collection. There are some limits defined, but in part ”(c) Exceptions”, the first three items are False return, Willful attempt to evade tax, and No return. In each cased, there is no time limit on the IRS.
(It doesn't seem to state here who gets to declare it's a “False return” or a “Willful attempt”, but I think we all know the answer to that question. ;-)
How about abolishing the IRS all together. That way, there would be no need to keep tax records. Then everybody would be happy.
Until the next revolution.
Beware those crafty bastards at the I.R.S....do you dare get ride of any records???...sorry! just another psychotic taxpayer.
How much space do the records really take?
I keep them all, and on average a whole decade still ends up less than 1” thick.
Now with electronic filing and all, I can even keep most of it on a CD. One CD will hold a life’s worth of returns and supporting documentation.
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