Re: [802SEC] Deadbeat rule change proposal
At 20:12 05/03/2003 -0800, Bill Quackenbush wrote:
>Bob Love has suggested a "statue of limitations". While I am not a fan
>of letting the basters off the hook, a window of maybe 5 or 7 years
>might be useful to 802 in that it limits the length of time we need to
>maintain our records.
Does US law have a statute of limitations on debt? Not clear to me that we
would want to vary that. However, the pragmatic point that we might not
want to keep records longer than X years is reasonable.
How long are we required to keep records for other purposes (e.g., IRS
requirements)? How long do we actually keep records for?