***We would like your help***...Click Here! The Enhanced Fujita Scale went into effect in February 2007. The National Weather Service will now rate tornado damage according to the new guidelines. For more information on the EF-Scale...Click Here. For simplicity, the F-Scale will remain the main descriptor in this database and it will be implied that the ratings are based on the EF-Scale starting February 2007.
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.ere are some basic record retention rules to think about for your business. 1  Business Income Tax Returns and Supporting Documents. 2  It makes sense to keep a final copy of your business income tax returns and related correspondence with the IRS permanently to help you prepare future or amended returns.
Answer: For tax purposes, you need to keep your business records for six years. Actually, the Canada Revenue Agency states that if you file your return on time, keep your records for a minimum of six years after the end of the taxation year to which they relate (emphasis added).he CRA also cautions that if you have filed a tax objection or appeal, you should keep your records until the issue is settled, and until the time limit for filing any further appeal has expired (which may mean keeping records for a particular fiscal year longer than six years).