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Peter Griesch
Peter Griesch,
Category: Tax
Satisfied Customers: 324
Experience:  Tax Counsel at AIG, Inc.
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Regarding non profit what is the statue limitation documents

Customer Question

Hello Regarding non profit what is the statue limitation for keep documents and records from Board meetings and or 990's Thank you
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
the non profit is 501 c3 in California and like to know what FTB and IRS terms thank you
Expert:  Peter Griesch replied 1 year ago.

A person / entity is required to maintain tax books and records for as long as the tax liability for a tax year may be adjusted by the IRS, which is typically three years from the date the tax return from that year was filed.

If no return was ever filed, the IRS has an indefinite period of time to assess tax. If the return was filed late, the statute of limitations is three years from the late filing date.

The rules in CA are similar, except substitute "four years" instead of three.

Thus, a CA non-profit entity should maintain its tax books and records for a tax year for at least four years from the date each return was filed for that year.

Thank you for your questions.

Expert:  Peter Griesch replied 1 year ago.

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