Part A - Personal Paperwork Timeline
Part B - Business Paperwork Timeline
PART A - PERSONAL PAPERWORK TIMELINE
SOURCE USED: Bankrate.com
TAXES - 7 years
(Returns, canceled checks, receipts and other back-up documents used for tax calculation purposes)
- The IRS has three years from your filing date to audit your return if it suspects good-faith errors. The three year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
- The IRS has six years to challenge your return if it thinks you underreported your gross income by 25% or more.
- There is no time limit if you failed to file your return or filed a fraudulent return.