A tornado slides across Oklahoma. Image courtesy NSSL/NOAA. Continued vigilance and quick response to tornado watches and warnings are critical, since tornadoes can strike virtually anywhere at any time. Most tornadoes are abrupt at onset, short-lived and often obscured by rain or darkness.
Most nonprofits and charities must keep books and records for a minimum of six years from the end of the last tax year to which they relate. This retention period will be extended if returns are late-filed or if there is a notice of objection or appeal underway.
Income Tax Records. The Internal Revenue Service requires companies to keep business tax returns and supporting documents for a minimum of three years from the time of filing. During this time, the return can be amended or audited.If you failed to report income, however, the IRS can come after your business for up to six years.If the business took a deduction for a worthless security or bad debt, the IRS can pursue the issue for seven years. To be safe, a business should keep tax records in its permanent files.f you failed to report income, however, the IRS can come after your business for up to six years. If the business took a deduction for a worthless security or bad debt, the IRS can pursue the issue for seven years. To be safe, a business should keep tax records in its permanent files.