How Long Should You Keep Business Records? – In most cases, the IRS can audit you for three years after a filing, but that time period extends to six years if the IRS suspects you made a "substantial error" on your return. payroll tax records, including time sheets, wages, pension payments, tax deposits, benefits and tips must be kept for at least four years after the date the taxes fell due or the date you actually paid them, whichever is later.
SEC Clarification May Help Markets – There is no market right now for the worthless mortgage-backed securities — that’s one of the reasons we’re in this crisis. That means financial institutions that are holding them must value them.
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The 3 Biggest Reasons the IRS Could Audit You — The Motley Fool – Audits by the IRS are taxpayers’ worst nightmares. Here are some of the most common reasons for an IRS audit. If a third-party filed tax information on you to the IRS, and you then failed to report that when you filed your taxes, you will likely receive a letter from the IRS’ Automated Underreporter Program.
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What To Do if You Receive an IRS Tax Audit Notice – A tax audit is an accounting procedure where the IRS examines your individual or business financial records to ensure you filed your tax return accurately. If you prove that your initial return was complete and correct, you won’t be asked anything further, but if the IRS finds errors or purposeful mis-reportings, you’ll have to pay the.
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