How long should I keep my tax records?

How long should I keep my tax records?

http://ift.tt/1RfwK1f We have had so many clients ask us this question. As with many IRS and tax issues, the answer is "it depends". In this video, Attorney Parent and Claudine discuss why you should err on the side of caution and hold on to them as long as possible. There are two instances in which you may need to hold onto your tax records indefinitely. First, if the IRS suspects you filed a fraudulent return. But wait, if you didn't file a fraudulent return you would have gotten rid of your records so how would you be able to prove it wasn't fraudulently filed?! Second, the IRS is outright targeting those who have money overseas. There are many reporting requirements for those that have money in offshore accounts. With many of the forms, if you do not file them (or improperly file them), your return could remain open for assessment FOREVER. Learn more about the ASEDs here (assessment statute expiration date). IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants, and Enrolled Agents who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache. We serve US taxpayers worldwide for IRS, US Tax Court and state revenue agency issues. If you need assistance with a tax issue or tax planning, contact us. We're here to help. IRSMedic The Law offices of Parent & Parent LLP 888-727-8796 info@irsmedic.com http://youtu.be/mzyOPW2fzc4 IRS Medic