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As the tax-filing deadline closes in, you may wonder: how long do I actually need to hold onto my tax documents? In general, the Internal Revenue Service (IRS) recommends that you keep tax returns and relevant documentation handy for three years, which is the typical statute of limitations for an IRS audit. However, there are exceptions where you shouldn’t toss your tax returns so quickly.
Keep in mind – just because your tax records are no longer needed for IRS purposes, doesn’t mean you should immediately discard them. First, confirm that other entities like your insurance company or creditors do not need them. Some even recommend holding onto all documents indefinitely in the chance the IRS misplaces your files.
If you have questions about your tax returns and accompanying documentation, contact the tax advisors at Doeren Mayhew today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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