In a notice, IRS said that the Service is seeing comments on managing any inconveniences potentially linked with the record retention requirements that apply to bond issuers and other parties to tax-exempt bond transactions in order to substantiate compliance.McConnell...
Record Retention Schedule for Businesses It is important to hold onto your business records in case of an IRS audit or other examination. Retaining unnecessary records will soon exceed storage space available for most businesses. Therefore, you may wish to establish a retention schedule that takes ...
How long should you keep various financial records? Here is a guide: Taxes -- Seven years The IRS has three years from your filing date to audit your return if it suspects good faith errors, and six years if it thinks you underreported your gross income by 25 percent or more. Using a...
The IRS also has document retention requirements that apply to all businesses. If a taxpayer owes additional taxes or files a claim for a credit or refund after a return is filed, records must be kept for three years. All employment tax records should be kept for at least four years from ...
Records required to be kept per the IRS, as described above. In evaluating record retention, the practitioner should also consider professional standards. As an example, while the AICPA Statement on Standards for Tax Services (SSTS) No. 7,Form and Content of Advice to Taxpayers, does not inclu...
It should be pointed out the failure to retain records for a sufficient length of time could result in the assessment of additional tax because of determining gain or loss on the disposition of property. Common sense and realism should prevail when defining the retention periods. Sample Docum...
Tax Regulations: In a First, IRS Puts All Record-Retention Rules in One Place.Barnett, Susanna Duff
Internal Revenue Service has published a list of current record-retention requirements for issuers of tax-exempt bonds. Simplification of the record-retention requirements; Need to issue guidance that would lessen the administrative burden that issuers face when trying to maintain the records; Management...
IRS record retention rules and the computer age.Tallyen, Jeffrey J
IRS Meeting to Hightlight Record Retention, Tribal Bonds.McConnell, Alison L