MATUSAK BUSINESS SERVICES TAX CENTER
When will you receive your refund? The answer depends on how you filed your return. As a general rule, the IRS should issue your refund check within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks.
Storing tax records: How long do you need too keep them? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of fraud, it may go back six years in an audit. To be safe, use these guidelines.