Record Retention (from IRS.gov)
- Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
- Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
- Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
- Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
- Keep records indefinitely if you do not file a return.
- Keep records indefinitely if you file a fraudulent return.
- Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
*Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property.
Board members are responsible for the actions of their fellow Board members. The entire Board must understand and practice their duty of care, duty of loyalty, and financial responsibility to the organization, and practice, support, and maintain high ethical standards. The actions, and in-actions of Board members reflects upon the entire Board and the organization.
Disclaimer: LEAD for Pollinators, Inc. is not a CPA or attorney. For legal and accounting advice consult a licensed attorney or accountant.