Interesting tax return retention advice

[SpacemanSpiff]

I got an article from one of the accounting sites I subscribe to, and they had an article about how long you are supposed to keep documents before you destroy them.

The first part of it was kind of common sense (at least to accounting types) - 3 years (statute of limitations for Federal returns), longer if your state has a longer SOL (like California). Then they threw a WTF item or two:

4. Keep records for six years if income that should been reported was not reported, and it is more than 25 percent of the gross income shown on the return.

5. Keep records indefinitely if not filing a return.

6. Keep records indefinitely if filing a fraudulent return.

That last one is a doozy. Keep all your fraudulent stuff forever. SMH.

[triviawayne]

I scan mine and keep them on a thumb drive for backup.

I can have years of this crap in a compact container.

[Bob Juch]

I scan mine and keep them on a thumb drive for backup.

I can have years of this crap in a compact container.

I'd back them up to the Cloud too.