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Old 07-02-2009, 10:23 AM
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How Long should a Taxpayer keep his Corporate Tax Records?

The IRS has suggested that a Taxpayer should "keep the corporation’s records for as long as they may be needed for administration of any provision of the Internal Revenue Code."

The IRS has stated that records that support an item of income, deduction,or credit on the return must be kept for 3 years from the date the return is due or filed, whichever is later. These records that verify the corporation’s basis in property should be kept for as long as they are needed to figure the basis of the original or replacement property.

In addition, it is recommended that the corporation should keep copies of all filed returns as they would assist in preparing future and amended returns.

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