club_cafe: Archiving/retaining clubs data

iras1 on

I would keep the records for at least four years after the due date of the club's final tax return, possibly longer. My logic is as follows:

Generally the IRS has three years to audit a return starting from the latter of the due date or actual filing date. I like to keep all records one year longer as an insurance policy. You should be aware that some states have longer statutes of limitations for tax audits. If your club files a return in one of these states, you should keep the records at least until the statutory period expires.

Ira Smilovitz

In a message dated 11/16/02 12:43:54 AM Eastern Standard Time, minesman@bivio.com writes:

Once a club disbands, how long should the club info
(financial records etc) be retained? are their IRS
requirements/rules that must be followed?

Thanks in advance.

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