Frequently Asked Questions

How long should I keep tax records?

Here are the IRS rules regarding record-keeping:

  1. You owe additional tax and situations (2), (3), and/or (4) apply, see below. If none of these apply to you; keep records for 3 years.
  2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
  3. You file a fraudulent return; keep records indefinitely.
  4. You do not file a return; keep records indefinitely.
  5. You file a claim for credit or refund after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
  6. You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
  7. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.


Bellow are a few tax related websites that we thought you may find useful.

Internal Revenue Service (IRS)

Illinois Department of Revenue

Illinois Secretary of State

Illinois Department of Employment Security (Unemployment-IDES)

IRS-Electronic Tax Payment System (EFTPS)