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.
In the case of employment records, the IRS guidelines say to keep the records for a minimum of four years after you pay the tax or the tax is due, whichever of the two dates is later.Small business expert Rieva Lesonsky suggests you keep employment records for a minimum of two years and for up to seven years.She says that most states have a two-year statute of limitations on lawsuit filings by former employees, so you want to make sure you have documents at hand if this occurs.f you have employment contracts with your employees, then you should maintain these contracts for at least 10 years. According to Financial Web, you should âerr on the side of cautionâ and maintain employee records for a longer period than you think you may need, in case a legal issue arises.