Corona Police Department Interim Police Chief Michael E. Abel 730 Corporation Yard Way Corona, California 92880 (951)736-2330 Visit Department's Homepage County: Riverside
My rule: Keep records and tax returns for years that include atypical transactions (sales or donations of property) and irregular income (stock option exercises, trust income, etc.) for six years after the filing date of the return. Keep a 2005 tax return that includes reporting of irregular items until April 2012.
Some sources say three years â which is the maximum number of years the IRS has for auditing your tax returns under general circumstances. Most CPAs and tax attorneys will tell you that you should keep your tax returns for at least seven years, and that is the better advice. The IRS can reach back six years if they determine your income has been underreported by more than 25%. Even if you didnât, you have to be ready in case the IRS thinks you did.