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 .
Wondering how long to keep your returns? The IRS has three years to audit you if it discovers good-faith errors; six if you significantly underreported your income. But many experts say if you have the space, the safest strategy is to keep them forever.