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Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. McLan Accounting Services LLC's role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Everyone should have a well thought out plan as to how to disburse one's estate so as to avoid complications and to be sure wishes are followed. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any complications to deal with during a time of loss.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.