S
Saville
Guest
What is the name of your state? NY
Hello again, abezon We just read your post to "nostagic" that the IRS can audit as far back as they want to if they suspect fraud, and we have a question.
On the post that "vetat" made (just a few posts down on the current list) about how long to keep records to be in line with IRS regulations, you stated, "3 years from the due date of the return or from the last day you paid taxes for that year, whichever is later."
Here's our question: If a businesswoman only has to keep records for 3 years to be in line with IRS regulations, how can the IRS go back as far as they want to? There wouldn't be any records for anything previous to the last 3 years?
Please explain how, if in any way, they can go back any farther than the three years? We're a little confused
Thanks again for helping us!
Hello again, abezon We just read your post to "nostagic" that the IRS can audit as far back as they want to if they suspect fraud, and we have a question.
On the post that "vetat" made (just a few posts down on the current list) about how long to keep records to be in line with IRS regulations, you stated, "3 years from the due date of the return or from the last day you paid taxes for that year, whichever is later."
Here's our question: If a businesswoman only has to keep records for 3 years to be in line with IRS regulations, how can the IRS go back as far as they want to? There wouldn't be any records for anything previous to the last 3 years?
Please explain how, if in any way, they can go back any farther than the three years? We're a little confused
Thanks again for helping us!