The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date. Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return. The following questions should be applied to each record as you decide whether to keep a document or throw it away.
Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.
If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. If you do end up going the paperless route, remember to keep a backup copy of your documents in a secure second location, like a password-protected hard drive, or a secondary cloud storage service.
Your Bench subscription includes unlimited document storage, which means you can keep every receipt, invoice, or IOU in the same place as your bookkeeping. At year-end, your CPA or tax professional can review your documents and completed financial reports side-by-side, making tax filing a breeze.
Learn more. Hold up. Before you toss them, double check to see whether anyone else you do business with might need them. Creditors, business lawyers, and insurance companies all sometimes require you to keep records longer than the IRS does.
This is really just another benefit to keeping digital records. Instead of worrying whether you should be keeping or getting rid of them, you can archive them permanently. Or even better, digitize it. We're an online bookkeeping service powered by real humans.
Bench gives you a dedicated bookkeeper supported by a team of knowledgeable small business experts. Your bookkeeping team imports bank statements, categorizes transactions, and prepares financial statements every month.
Get started with a free month of bookkeeping. This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.
Sign up for a trial of Bench. No pressure, no credit card required. Where a matter is under inquiry or investigation by Revenue, records in relation to the matter at issue must be retained for 6 years or until such later time as the matter at issue is finalised. If you acquired or developed an interest in a property prior to 1 July , on which VAT was charged, you must retain records in respect of that property for a period of six years after you dispose of that interest.
You must obtain written permission from the relevant Revenue office to be permitted retention of documents for a shorter period. Paper records must be stored within the State. Exceptions to this require Revenue agreement and are subject to conditions. Electronic records must be recorded and stored in accordance with the electronic invoicing rules. Revenue has extensive powers to inspect your records. It is an offence if you or your employees fail to co-operate with Revenue in relation to the inspection of your records.
Revenue officials will have proof of their identity when visiting your business to inspect your records. Published: 01 June Please rate how useful this page was to you Print this page. It looks like you have JavaScript disabled. Certain parts of this website may not work without it. Please enable JavaScript for the best experience. Your choices on cookies This website uses cookies in order for our feedback functionality to work.
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