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Posted by SMF on January 16, 2007, 3:34 am
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How long does a tax preparer have to keep copies of client
tax returns?
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Posted by Mark X. Rigotti, CPA on January 16, 2007, 7:21 pm
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> How long does a tax preparer have to keep copies of client
> tax returns?
Paper copies - Never - PDF's I go back 11 years (95 tax
year) and have my software and files available going back to
91 (the year I started business) and can reproduce every
return I've ever repaired. With todays large hard disks why
not - providing you've proper backup procedures. I've got
my entire practice down to 5 drawers in a filing cabinet.
I believe that according to Circ. E you are not even
required to keep a copy - just a listing of which ones
you've prepared - and I think that is 3 years.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill Brown on January 16, 2007, 7:21 pm
Please log in for more thread options SMF wrote:
> How long does a tax preparer have to keep copies of client
> tax returns?
Forever is a good starting point.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Mike Wellman on January 16, 2007, 7:21 pm
Please log in for more thread options SMF wrote:
> How long does a tax preparer have to keep copies of client
> tax returns?
>
Per the IRS:
Section 6107 provides requirements for tax return preparers
with respect to retaining copies of the returns or
alternatively maintaining lists of returns prepared. Section
6107(b) provides as follows.
Any person who is an income tax return preparer with respect
to a return or claim for refund shall, for the period ending
3 years after the close of the return period--
6107(b)(1) retain a completed copy of such return or claim,
or retain, on a list, the name and taxpayer identification
number of the taxpayer for whom such return or claim was
prepared, and
6107(b)(2) make such copy or list available for inspection
upon request by the Secretary.
Per Section 6107(d) and 6060(c), the return period runs from
July 1 through June 30. For a calendar year return due
without extensions prior to June 30, a copy of the return or
a list containing the appropriate information about the
return must be kept until fourth June 30 falling after the
end of the tax year in question. If the return in question
is extended, and the extended due date falls after June 30,
the return copy or list must maintained through the fifth
June 30.
End Quote***
I keep them for 7 years but maintain fixed asset records
until assets are fully depreciated (or I die) for existing
clients only.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Harlan Lunsford on January 16, 2007, 7:21 pm
Please log in for more thread options SMF wrote:
> How long does a tax preparer have to keep copies of client
> tax returns?
There is no absolute requirement to do so. (Most people
think so, however.)
There IS a requirement to maintain records showing
taxpayers' name(s) and social security numbers for a period
of three years after due dates.
Of course most preparers do keep copies of returns to
satisfy this requirement and to help out with next year's
interview.
When I do print out page 2 of 1040 for my files I make sure
to use a black Magic Marker (tm) on any bank account
numbers. Just think if a thief stole in one night!
ChEAr$,
Harlan Lunsford, EA n LA
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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