How long is the suggested time frame that taxpayer should keep a record of their income statements and receipts?

Taxpayers are generally advised to keep their income statements and receipts for at least three years from the date they filed their tax return. This period allows for the IRS to audit returns or for taxpayers to amend their returns if necessary. However, if a taxpayer fails to report more than 25% of their income, they should retain records for six years. In cases of fraud or if no return was filed, records should be kept indefinitely.