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Retail business in MN...how long do I need to store receipts & taxes?
I have boxes of store receipt copies (everything that we've sold). Can I shred everything over 3 years old?
1 Answer
- 1 decade agoFavorite Answer
According to Internal Revenue Service, you must keep receipts and bank records for seven years. The IRS can go back five years and audit your Tax Returns, and if they find any discrepancies in the fifth year, they can go back an additional two years, hence the reason you have to keep records for seven years.
Minnesota may have different regulations, but most states defer to the IRS on tax policies and regulations.
Source(s): http://www.irs.gov/recordkeeping