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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
Your Business...Your Family...Our Concern
March 2024
March 2024 Q & 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.The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.