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 .
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.