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.
1 If you filed for a deduction for a bad debt or worthless security, the IRS suggests you keep your supporting tax records for 7 years. 2  Under these circumstances, you may generally wish to retain your supportive records for at least 7 years. 3  Employment Tax Records. Excluding employment tax records, files relating to current employees should be retained while they are working for you and at least 7 years after a current or former employee has left or been terminated. 2  For any job applicants who were not eventually hired, keep these files for at least 3 years.