Document Retention & Audit

Taxing authorities require you to retain information substantiating all items reported on your returns. You should retain and protect your tax returns, statements, receipts, and other supporting documents for a minimum of three (3) years and up to seven (7) years after the filing date. Your returns are subject to review (audit), or you may receive requests for additional information from the tax authorities. However, just because your return is selected does not mean there is a problem. In your interest, it is advisable to contact us immediately upon receiving correspondence from the taxing agency. We may be able to assist you if an examination occurs, but this will be done for additional fees based on a standard hourly rate then in effect. That audit is not part of this engagement. If your return is selected for audit, it is important for you to realize that you are solely responsible for providing the documents and other substantiation to the tax authorities. It is our policy to retain work papers related to this engagement for seven years. Upon the expiration of the seven-year period, you agree that we shall be free to destroy our work papers.