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 .
The following time table will help you determine how many years tax records must be kept: Three yearsâ Anyone owing additional taxes must keep their records for three years. If you have filed a claim for a credit or tax refund after you have filed your return you must keep records for three years from the date you filed your return or the date you paid taxes. Four yearsâ Employment tax records must be kept for a minimum of four years from the date the tax was due or paid. Six years-If you have filed a tax return the did not include reportable income (more than 25% of the gross income reported) you must keep your tax records for six years. Seven yearsâ When a claim has been filed for a loss from securities or bad debt, all records must be kept for seven years.