Forever Plus 3 Years | Southern Minnesota

Q: Can I throw my corporate papers away after 7 years?

A: NO, NO NO!  Businesses that are C Corporations, S Corporations, Partnerships and LLCs have to keep their tax returns and supporting documents forever plus three years.  What?!  How can you keep it longer than forever?…Be buried with them?  All this means is that you have to keep them for the life of your business.  Then, once you close or sell, you have to keep all the tax returns and supporting documents for 3 more years thus you need to keep them forever plus three years.  For more information on the new tax law changes, please feel free to contact our office.

Taxes, Investments, Business and maybe a little more.  Sandy Flom, Faribault CPA