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Statute of Limitations: How long taxpayers should keep their tax related documents is dependent on the applicable statute of limitations. The IRS suggests keeping tax and related income records for three years from the date of filing, or two years from the date the tax liability is paid, whichever is first. However, it is best to keep those documents longer than three years, as there are certain circumstances where a statute of limitations may last up to six years from the date of filing.


Professor Francine Lipman brings the City of Las Vegas invaluable tax tips & traps for the unwary in this weekly morning radio spot “Tax Talk Tuesdays” on KUNV Radio 91.5 F.M. Topics change weekly and include IRS phone scams, information on offers in compromise, higher education benefits, veterans’ disability severance payments, and many more issues affecting many taxpayers.