Colors of the Rainbow and Their Meanings. The rainbow is a beautiful natural phenomenon; knowing the significance of each of the colors of the rainbow makes it even more beautiful. While Nature or God has created this glorious natural phenomenon; philosophers have given a meaning to its colors.
Minimum Length of Time. Keep the records and papers for any settled estate for at least seven years, if an estate tax return was filed. That is the Internal Revenue Service recommendation for any financial transactions. Under IRS rules, that is the end of the statute of limitations for any kind of auditing.
PS LA 2005/2 Penalty for failure to keep or retain records; How long to keep your records. Generally, you must keep your written evidence for five years from the date you lodge your tax return or if you: have claimed a deduction for decline in value (formerly known as depreciation) â five years from the date of your last claim for decline in value