Actually, I have some info on IRS limits & it states:
The IRS has 3 years to audit your tax return or to assess any additional
tax liabilities.
This is measured from the day you actually filed your tax return. If you
filed your taxes before the deadline, the time is measured from the
April 15th deadline. For example, you filed your 2005 tax return on
February 15th, 2006. The 3-year time period for an audit begins ticking
from April 17th, 2006, and will stop ticking on April 17th, 2008. On
April 18th, 2008, the IRS cannot audit your 2005 tax return unless there
is a suspicion of tax fraud.
The IRS has 10 years to collect outstanding tax liabilities.
This is measured from the day a tax liability has been finalized. A tax
liability can be finalized in a number of ways. It could be a balance
due on a tax return, an assessment from an audit, or a proposed
assessment that has become final. From that day, the IRS has ten years
to collect the full amount, plus any penalties and interest. If the IRS
doesn't collect the full amount in the 10-year period, then the
remaining balance on the account disappears forever. The statute of
limitations on collecting the tax has expired.
Steve Morgan
-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On
Behalf Of Roach, Bill J.
Sent: Monday, August 14, 2006 7:27 PM
To: [log in to unmask]
Subject: Re: Retention of time sheets
>>The "7 years" mentioned sounds like the sterotypical non-RIM response
of "keep it 7 years"; most usually based of ignorance, and frequently
with the origins of Deuteronomy, 15, 1 & 2, and British common law.<<
I talked to a CPA a few years back that stated their 7 year
recommendation was based on the extended IRS limitation of action (6
yrs) plus current year. I asked why the 6 yr limitation rather than the
3 yr. His answer, "just in case".
Bill R
Bill Roach, CRM
Enterprise EDMS Coordinator
State of North Dakota
ITD/Records Management
701-328-3589
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