Competition is, in general, a contest or rivalry between two or more entities, organisms, animals, individuals, economic groups or social groups, etc., for territory, a niche, for scarce resources, goods, for mates, for prestige, recognition, for awards, for group or social status, or for leadership and profit. It arises whenever at least two parties strive for a goal which cannot be shared, where one's gain is the other's loss. Competition occurs naturally between living organisms which co-exis
I am often asked how long one should keep tax records. Naturally, the answer is not cut and dried. For example, the IRS states that you must retain your tax returns and all supporting documents including bank statements for a minimum of three years, which is generally how long they have to audit a tax return. If you live in a state that levies an income tax, the rule is generally expanded to four years.
Six-Year General Guideline. The IRS recommends taxpayers keep tax records for at least the three-year period the government has to collect underpaid taxes from taxpayers. The IRS may collect additional taxes for six years from taxpayers who have failed to report income exceeding 25 percent of his gross taxable income.n addition to tax forms and tax returns, taxpayers should keep all records that prove deductions, income and loss on their Form 1040s.