The statute of limitations for the IRS to audit your tax return is typically three years. It begins on the later of: 1) the due date for your tax return or 2) the date on which you file your taxes.

While the general rule for retaining federal tax records is three years, it’s often prudent to keep most financial records longer than that. Many exceptions to this rule of thumb require you to save financial documents longer.  Here’s a breakdown on records retention for individuals and organizations, broken down by the number of years document retention is recommended.

PKS & Company, P. A. is a full service accounting firm with offices in Salisbury, Ocean City and Lewes that provides traditional accounting services as well as specialized services in the areas of retirement plan audits and administration, medical practice consulting, estate and trust services, fraud and forensic services and payroll services and offers financial planning and investments through PKS Investment Advisors, LLC.

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