Originally Posted by Chaka Falls
The IRS has 3 years or so to decide to audit a person, don't they?
Not trying to freak anyone out...just saying. Not getting audited (yet) wouldn't mean much to me.
This is not true. The IRS recommends keeping your finanical paperwork on file for three years (bank statements, bills, receipts if you are self employed or itemize, tax forms like W2's, 1099 Divs, 1099 Misc, 1099 INT).
However! If they feel like going back to 1922 to audit your great-great-great-grandparents return they are legally allowed to do so. There is no "statute of limitations" per se, they can go back as far as they like if they suspect something suspicious.