Скачать или смотреть What Is The IRS Record Retention Period For Businesses?

Are you a business owner or accountant unsure about how long the IRS requires you to keep your financial records? Understanding the IRS's record retention periods is crucial for compliance and avoiding penalties, and this video breaks it down.

Here are the key takeaways regarding IRS record retention for businesses:
► The general rule for keeping records is three years from the date you filed the original return or two years from the date you paid the tax, whichever is later.
► For employment taxes, records must be kept for at least four years after the date the tax becomes due or is paid, whichever is later.
► Records related to assets, like property or equipment, should be maintained as long as they are still in use and for an additional three years after you dispose of them.
► Never destroy records if you're involved in an audit, legal proceeding, or if you've filed a fraudulent return, as these situations require indefinite retention.
► It's always recommended to keep records longer than the minimum requirement, especially for significant transactions or if there's any doubt about future needs.


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