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How long must corporations retain tax records?

Answer:

There are lots of different tax records, and each has a different requirement. And many things can extend the time that they are needed for possible audit and review.

Also, what one means by "retain records" changes. Over the years much of the detail work, account specifics and such may well be disposed, but the essentials retained.

Generally, most corprations keep their income tax records for virtually ever...or close.
Something like payroll records..regardless of the actual rule, for at least as long as they are needed. Again, copies of each employees W-2, really unimportant to their filing, probably get tossed earlier.

First answer by IamLostRU. Last edit by IamLostRU. Contributor trust: 1567 [recommend contributor ]. Question popularity: 1 [recommend question].

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