09/04/2026
Short answer: Probably not this year.
Long answer: That’s the wrong question.
For most taxpayers, the odds of an audit in any given year are relatively low. But good recordkeeping isn’t about worrying about what happens this April. It’s about being ready if the IRS looks at the return years from now.
The IRS generally has three years to assess additional tax. That can extend to six years when more than 25% of gross income is omitted, and there is generally no assessment time limit for a fraudulent return or when a required return isn’t filed.
So the better question is:
If this return gets examined in 2029, will you still have the records to back it up?
By then, you either kept the documentation or you didn’t.
That’s why things like mileage logs, receipts, supporting documents, and reasonable S corporation compensation matter. Good documentation isn’t about fear. It’s about being able to substantiate what was reported on your return if questions ever come up. The IRS itself advises taxpayers to retain records supporting income, deductions, and credits for as long as they may be relevant.
Compliance may not be the exciting part of running a business, but it can make a significant difference if your return is ever examined.
Have questions about what records your business should be keeping? That’s exactly what we’re here for.
