Old roof has structural issues requiring significant repair or renovation. If corrective measures are extensive, the cost of fixing a flat roof may be close to the cost of converting to a pitched roofâor close enough. Roofing may last longer. In theory, roofing on flat roofs can last as long as standard materials on sloped roofs, but in reality, roofing on houses with pitched roofs has greater longevity, on average.
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. If that's not possible, tax records should be kept for seven years to account for most scenarios where the records might be needed.
I would advise you to keep records and tax returns for the years that include out-of-the-ordinary transactions (sales or donations of property), and income from activities such as stock option exercises, trust income, etc., for six years after the filing date of the return.MoneyWatch) Most people hold on to their statements for financial, credit and utility accounts a few years, and when the pile gets too big, it's time for the shredder. 1  12 things to keep in a safe at home, not at a bank. 2  Keeping a safe deposit box safe. 3  How long to keep bank records.