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Q: Tax Audits ( Answered 5 out of 5 stars,   0 Comments )
Question  
Subject: Tax Audits
Category: Business and Money > Accounting
Asked by: optik_nerd-ga
List Price: $3.00
Posted: 20 Mar 2006 09:05 PST
Expires: 19 Apr 2006 10:05 PDT
Question ID: 709592
Assuming that you did not commmit fraud, how many years have to go by
after after filing your pesonal income taxes before you can consider
the return accepted?
Ie.  How far back can the IRS look for mistakes in your US taxes?
Can you then throw away all your supporting documentation?
Please site specific document of the IRS and web address for this.
Answer  
Subject: Re: Tax Audits
Answered By: answerfinder-ga on 20 Mar 2006 09:33 PST
Rated:5 out of 5 stars
 
Dear optik_nerd-ga,

These pages should provide you with the information you require.

Individuals (two thirds of the way down the page under the heading,
How Long To Keep Records)
http://www.irs.gov/publications/p552/ar02.html#d0e617
Businesses
http://www.irs.gov/businesses/small/article/0,,id=98513,00.html

I hope this answers your question. If it does not, or the answer is
unclear, then please ask for clarification of this research before
rating the answer. I shall respond to the clarification request as
soon as I receive it.
Thank you
answerfinder

Search strategy
IRS site: ?keep records?

Clarification of Answer by answerfinder-ga on 20 Mar 2006 09:35 PST
This article may provide useful background reading.
http://www.boston.com/business/taxes/articles/macpa/new_2005/hold_on_to_tax_records/
optik_nerd-ga rated this answer:5 out of 5 stars
Very fast response and exactly the information that I requested with
appropriate reference to official websites.

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