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Manjit Singh CPA P.C.

CERTIFIED PUBLIC ACCOUNTANTS

Tax planners not just tax preparers®

 

2841 Hartland Road, Suite 307

Falls Church, VA 22043

 

Phone: 703-280-5656

Fax:     703-280-5666

           703-207-4502

 

Email: msingh@mscpa.us

Email: manny@manjitsinghcpa.com

Website: www.mscpa.us

March 2024

March 2024 Q & A

March 2024 Q and A

QUESTION:
I’m big into spring cleaning this year and wondering whether I can toss my old tax returns and records.


ANSWER:
Generally, keep tax returns for at least three years from the return’s due date. The IRS can go back up to six years if your return omitted more than 25% of income. There’s no limit if fraud is proven. Also, businesses should hang on to payroll tax records for a minimum of four years after the due date for filing Form 941 for the fourth quarter of a year. Additionally, records on costs of business assets, depreciation, etc., should be retained for decades. It’s best to follow the advice of your tax professional.


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