What is the retention period for tax returns?

The retention period for tax returns varies by country, but in the United States, the IRS generally recommends keeping tax returns for at least three years from the date of filing. If you underreport your income by more than 25%, the IRS suggests retaining records for six years. In cases of fraud or failure to file, there is no time limit, so it's advisable to keep records indefinitely. Always check specific regulations for your jurisdiction to ensure compliance.