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.
The IRS recommends keeping records for â3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.â You should also keep records for three years if you owe additional tax and the situations described in sections 3 and 4 below donât apply.f you file a return and claim a loss from worthless securities or take a deduction for a bad debt, you should keep your income tax papers for seven years.