1 The IRS states that 9 out of 10 e-filed tax returns with direct deposit will be processed within 21 days of IRS e-file acceptance. 2  Mailed paper returns â Refund processing time is 6 to 8 weeks from the date the IRS receives your tax return. E-filed tax returns with direct deposit â E-file with direct deposit is the fastest way to get your tax refund. 2  The IRS states that 9 out of 10 e-filed tax returns with direct deposit will be processed within 21 days of IRS e-file acceptance.
Period of Limitations that apply to income tax returns. 1  Keep records for 3 years if situations (4), (5), and (6) below do not apply to you. 2  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, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if 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 indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later. The following questions should be applied to each record as you decide whether to keep a document or throw it away.
Knowing how long to keep employee files is important for every employer. For example, if an employee were to file a grievance after resigning or apply for unemployment benefits, and you have disposed of the file, you will not have the proof to back up your version of events.