GIFTS TO FAMILY CashYou may give any amount of cash to as many people as you wish without incurring income tax liability for yourself or imposing an income tax liability on the recipients. This is true for any bona fide gift, that is, an unfettered transfer of cash that does not involve any consideration in […]

The general rule is to keep the tax return forms indefinitely and retain the supporting records of each tax form for six years. In general, except in cases of fraud or substantial understatements of income, the IRS can only assess tax for a year within three years after the return for that year was filed (or, […]