Record Retention Schedule

Generally, you should keep income tax returns indefinitely and the supporting records for seven years. We will be glad to provide a retention schedule at your request or you can find it on our website, www.gordonkeeter.com, at Resources/Record Retention Schedule. Except in cases of fraud or substantial understatements of income, the IRS can only assess tax within three years after a return is filed. The assessment period is extended to six years if more than 25% of gross income is omitted from a return. In the case of fraud, there is NO statute of limitation. In addition, the assessment period does not begin to run until a return is filed. Proof of filing should be retained with your records.