Remember: If the IRS suspects you haven't reported income, it can challenge returns from the past six years. So if you are self-employed or have multiple income sources, hold on to six years of files to be absolutely safe.
Sentiment: NEGATIVE
You should keep a copy of your tax return indefinitely, but you need to save supporting documents for only three years.
Anything past 90 days constitutes 'severe,' but all late payments stay on your report for seven years if reported.
I have gone to great lengths, and in some cases beyond what is required by the reporting guidelines to ensure all of my filings are beyond reproach, by hiring an independent third-party accounting firm to review and audit all of my previous annual financial disclosures.
People who prepare false or fraudulent tax returns risk criminal prosecution and, upon conviction, substantial time in jail.
I've never paid taxes in my life, so I'm probably going to jail.
I didn't pay my taxes for years.
I've been held responsible for taxes I know nothing about.
I got IRS records to finance what I wanted to do.
I have no tax delinquency problem, nor have I ever.
Never, ever invest money that you will need prior to three to five years - minimum.