how long should records be kept for irs?
Typically, the IRS can come after your business for failing to report income for up to 6 years after your filing if the amount is greater than 25% of your businessâs gross income. If you filed for a deduction for a bad debt or worthless security, the IRS suggests you keep your supporting tax records for 7 years. Under these circumstances, you may generally wish to retain your supportive records for at least 7 years. Employment Tax Records.