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This publication discusses why you should keep records, what kinds of records you should keep, and how long you should keep them. You probably already keep records in your daily routine. This includes keeping receipts for purchases and record- ing information in your checkbook.

Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years. The IRS tries to audit tax returns as soon as possible after they are filed.

Individual tax returns (the Form 1040 series) are temporary records which are eligible to be destroyed six (6) years after the end of the processing year, unless extended due to an Open Balance Due - Collection Statute Expiration Date.

Generally, the IRS has 10 years to collect taxes from you. Once the time is up, the IRS can no longer collect on that debt. In theory, this rule seems simple, but the collection statute has some guidelines that can prolong or extend the period.

6 years - If you don't report income that you should have reported, and it's more than 25% of the gross income shown on the return, or it's attributable to foreign financial assets and is more than $5,000, the time to assess tax is 6 years from the date you filed the return.

Two of the most common Publication 583 (January 2021) Page 3 Page 4 kinds of taxpayer identification numbers are the social se- curity number (SSN) and the employer identification num- ber (EIN). Administration (SSA) and is in the following format: 000–00–0000.