IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Record retention

February 13, 2023
February 13, 2023


Q. How long do we need to keep the original purchasing receipts on file? Is there a place I can go on here to see a record retention schedule? A. (Answered by IOFM's third-party tax experts) Supporting documentation should be retained for as long as it is relied upon for tax purposes or as long as an IRS filing made in reliance on the information is still open to audit; this is at least three prior years (see Reg. sec. 301.6501(a)-1 in regard to the period of limitations) but many companies use…

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