Chicago Accounting Articles

IRS Record Retention

Updated July 8, 2015   How long am I required to retain my records?   I’m being audited by the IRS and don’t have my source documents. What do I do?   In what form should I maintain my records?   IRS record retention is a touchy...

How Long To Keep Records

Updated July 10, 2015   How long am I supposed to keep my company records?   How long to keep records?   You should keep a copy of your Federal Income Tax Returns and the related documents supporting income and deductions for seven years. Under other...