How long should an organization keep records for tax purposes?
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Last modified 12/24/2022 1:47:21 AM EST |
Applicable To
990-PF
990-N
990-EZ
990
8868
1120-POL
An organization must retain all the necessary records to substantiate any part of income, deduction, or credit for 3 years from the date when the return is filed or when the return is due. In addition, certain records like determination confirming the organization's tax-exempt status, articles of incorporation, by-laws, and board minutes need to be retained permanently. Other than this, all employment tax records must be retained for 4 years.
In addition to retaining records, Form 990 has to be made available for public inspection. To know more about it, click here.