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  2. How long you should keep your tax returns and why - AOL

    www.aol.com/article/finance/2020/03/17/how-long...

    “In other words, if a taxpayer extends his or her 2019 return until October 15, 2020, he or she must retain [their] records until October 15, 2026.” ... Even after the IRS statute of ...

  3. Employee Retention Credit - Wikipedia

    en.wikipedia.org/wiki/Employee_Retention_Credit

    An employer that has already filed its Form 941 for each quarter may file a Form 941-X with the IRS in order to request the tax credit be refunded to it by a check by mail. [3] An employer may file Form 941-X to receive a tax refund up to three years and four months after the end of the calendar year if the original Form 941 was filed before ...

  4. Statute of limitations - Wikipedia

    en.wikipedia.org/wiki/Statute_of_limitations

    A civil statute of limitations applies to a non-criminal legal action, including a tort or contract case. If the statute of limitations expires before a lawsuit is filed, the defendant may raise the statute of limitations as an affirmative defense to seek dismissal of the claim. The exact time period depends on both the state and the type of ...

  5. What Is Tax Form 941, and Who Needs to File It? - AOL

    www.aol.com/finance/tax-form-941-needs-file...

    Filing late: It's important to submit Form 941 on time since the IRS charges a 5% penalty of the total tax amount due. Your business will continue to be charged an additional 5% every month the ...

  6. Income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Income_tax_in_the_United...

    Tax as determined by the taxpayer may be adjusted by the taxing jurisdiction. For federal individual (not corporate) income tax, the average rate paid in 2020 on adjusted gross income (income after deductions) was 13.6%. [1] However, the tax is progressive, meaning that the tax rate increases with increased income. Over the last 20 years, this ...

  7. What is the statute of limitations on debt? - AOL

    www.aol.com/finance/statute-limitations-debt...

    For example, if you miss a payment on a debt with a five-year statute of limitations on July 1, 2024, then after July 1, 2029, the statute of limitations will have passed. This technically means ...

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