But if fraud is suspected, I understand there is no time limit to how far back uncle sam can reach.

Our treasurer says 7-10 years as the IRS can audit back 3 years prior for each year they find a mistake. Good to know! If you don't have your records, then you're a the mercy of the IRS...which I've heard is not fun.

Our Treasurer is an accountant, and her firm keeps records (tax returns and the supporting documentation) for 7 years before shredding.

Here are the record retention rules per the IRS as provided by an attorney (not me!). Not everything is 7 years:

Permanent - incorporation paperwork, non-profit documentation (form 1023 application), IRS determination letter, annual set of meeting minutes and agendas, year-end treasurer's reports, annual reports from auditor

3 years - annual set of monthly treasurer's reports

7 years - annual sets of bank statements, cancelled checks or check images, check registers

7 years - IRS annual return, the form 990/990EZ. the 3 most recent years must be readily accessible for public review.

Destroy old files after their retention period.

Seven years says the IRS, correct.

As much as you have room for! Seriously, we have documents going back to the '80s in our school library. You wouldn't believe how often the info is accessed. Our school board keeps documents even longer than that.

Is the IRS rule 7 years for tax info? That's the limit I use personally.

If space is an issue, I'd still try to keep everything from at least the last five years.

How long should we keep old documentation (receipts, contracts that are no longer in use, etc.)?