Tax season may be over, but you still need to hang onto your tax returns and other tax records for at least three years. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of fraud they have the authority to go back six years in an audit. Furthermore, some documents including those related to real estate sales should be kept for three years after filing the return on which they reported the transaction.
Tax Due Dates for May 2022
May 2 Employers — Federal unemployment tax. Deposit the tax owed through March if more than $500. Employers — Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2022. Deposit any undeposited tax. If …