Full Definition of STATUTE. 1. : a law enacted by the legislative branch of a government. 2. : an act of a corporation or of its founder intended as a permanent rule.3. : an international instrument setting up an agency and regulating its scope or authority. See statute defined for English-language learners.ull Definition of STATUTE. 1. : a law enacted by the legislative branch of a government. 2. : an act of a corporation or of its founder intended as a permanent rule. 3. : an international instrument setting up an agency and regulating its scope or authority. See statute defined for English-language learners.
The IRS generally has up to three years after the tax-filing deadline to initiate an audit, so keep your tax returns and supporting documents at least that longâin other words, after April 15 this year, hang on to returns and documents for tax years 2012 through 2014 .
What tax records should I keep? You should keep every tax return and supporting forms. This includes W-2s, 1099s, expense tracking, mileage logs if you itemize and other documents. So why is keeping tax returns for three years important? Keeping tax returns for the three-year time period is tied to the IRS statute of limitations. Under the statute, if you do not file a claim for a refund that you are entitled to, you generally have the later of three years from the date you filed the original return or two years from the date you paid the tax, to file the claim.