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Given a passage and a query based on the passage, generate an unambiguous, concise and simple answer to the query from information in the passage. Note that the answer may not be present in exact form.

Keep all employment records for at least 4 years after the tax is due or paid Some business records should be kept permanently: Audit reports and charts of accounts The Internal Revenue Service requires companies to keep business tax returns and supporting documents for a minimum of three years from the time of filing. During this time, the return can be amended or audited. If you failed to report income, however, the IRS can come after your business for up to six years. If the business took a deduction for a worthless security or bad debt, the IRS can pursue the issue for seven years. To be safe, a business should keep tax records in its permanent files. If that's not possible, tax records should be kept for seven years to account for most scenarios where the records might be needed. Some business records should be kept permanently: 1 Audit reports and charts of accounts. 2 Canceled checks for important payments. 3 Records of capital stocks and bonds. 4 Cash books. 5 Contracts and leases still in effect. 6 Legal correspondence. 7 Deeds, mortgages, bills of sale. 8 End of year financial statements. 9 Insurance records. Here are some of the standard limitation periods on tax-related documents, according to the IRS: 1 If you owe additional taxes, keep records for 3 years. 2 If you do not report income that should have been reported, and it exceeds 25% of the gross income on your return, keep records for 6 years. The Internal Revenue Service requires companies to keep business tax returns and supporting documents for a minimum of three years from the time of filing. During this time, the return can be amended or audited. If you failed to report income, however, the IRS can come after your business for up to six years. If the business took a deduction for a worthless security or bad debt, the IRS can pursue the issue for seven years. To be safe, a business should keep tax records in its permanent files. If you owe additional taxes, keep records for 3 years. If you do not report income that should have been reported, and it exceeds 25% of the gross income on your return, keep records for 6 years. If you file a fraudulent return, keep records indefinitely. If you do not file a return, keep records indefinitely. Even if you no longer need records for tax purposes, you may still decide to keep them, as other organizations may require them. 1 Get started Ask a Lawyer a Question You'll hear back in one business day. 2 Get started Ask a Lawyer a Question You'll hear back in one business day. Conventional business wisdom says to keep these records for a minimum of seven years, particularly if the records relate to a business obligation in your jurisdiction. For example, if your city requires businesses to collect sales tax, the company's sales records should be retained in case the company's sales tax report is audited. Answers > Small Business > Business Compliance > How Long to Keep Records for Business Taxes The length of time you need to keep records depends on the action or expense each document records. You may need to hold on to some records permanently, but typically for business taxes, you only need to keep records supporting income or deductions on a return until the period of limitations for that return is up. If you file a claim for credit or refund after filing your return, keep records for 3 years from the filing of the original return. If you file a claim for a loss due to bad debt deduction or worthless securities, keep records for 7 years. Keep all employment records for at least 4 years after the tax is due or paid. Some business records should be kept permanently: Audit reports and charts of accounts. Canceled checks for important payments. Records of capital stocks and bonds Query: how long do i keep business accounts
Output:
You should keep business accounts for 7 years.