Re: [802SEC] Deadbeat rule change proposal
I am told by Mr. Grow that the auditor says we should keep our financial
records for 7 years. The IRS statue of limitations is 5 years.
Tony Jeffree wrote:
> At 20:12 05/03/2003 -0800, Bill Quackenbush wrote:
> >Bob Love has suggested a "statue of limitations". While I am not a fan
> >of letting the basters off the hook, a window of maybe 5 or 7 years
> >might be useful to 802 in that it limits the length of time we need to
> >maintain our records.
> >Comments please.
> Does US law have a statute of limitations on debt? Not clear to me that we
> would want to vary that. However, the pragmatic point that we might not
> want to keep records longer than X years is reasonable.
> How long are we required to keep records for other purposes (e.g., IRS
> requirements)? How long do we actually keep records for?