An audit of the Internal Revenue Service found staffers destroyed 30 million taxpayer documents, as they faced a massive backlog. However, the tax collection agency says no taxpayers were adversely ...

Even once your tax return is turned in, do not run any documents through the shredder just yet. You will want to hang on to certain items, such as tax forms and supporting paperwork, in case of an ...

EXCLUSIVE: Republican lawmakers are calling on the Internal Revenue Service (IRS) to provide explanation for why the agency destroyed 30 million paper-filed tax documents last year, raising concerns ...

A stock photo of a Red Audit stamp on a 1040 US individual income tax return. Photographed at 50mp with the Canon EOS 5DSR and the 100mm 2.8 L lens. The IRS wants you to “disclose” if you do not have ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Concept image for filing federal income taxes online and being ...

An audit occurs when the IRS chooses to review a taxpayer’s accounts and financial information to ensure the taxpayer reported all required income and followed all tax laws. The IRS typically audits ...

You've probably heard that you should hang onto your tax returns for three years. The truth is that tax record retention periods vary from three years to indefinitely depending on the types of ...

Common wisdom suggests we keep important papers for seven years, for reasons that, we vaguely recall, have something to do with taxes. For those of us with paper records dating to the Clinton ...

WASHINGTON (AP) — The IRS failed to pursue mandatory audits of Donald Trump on a timely basis during his presidency, a congressional panel found on Tuesday, raising questions about statements by the ...

Trump's tax returns show he paid no taxes in 2020, according to the panel. The Democratic-controlled House Ways and Means Committee voted Tuesday to make public some documents related to former ...

Today, the US Treasury Department announced that taxpayers will have the choice to go paperless for all Internal Revenue Service (IRS) correspondence in the upcoming 2024 filing season. By 2025, the ...