How long does the IRS require you to keep records?

The Internal Revenue Service (IRS) generally requires businesses and individuals to retain records, including invoices, for at least three years from the date a tax return was filed. This aligns with the "period of limitations," which is the timeframe during which you can amend a return or the IRS can assess additional tax.
IRS Retention Timelines for Invoices and Records
The required retention period for invoices and records varies based on the specific situation:

• 3 Years: The standard period for most invoices and supporting documents is 3 years from the later of the filing date or the tax return due date.
• 4 Years: Keep employment tax records for 4 years after the tax is due or paid.
• 6 Years: If you underreport income by more than 25% of your gross income, the IRS can assess tax for up to 6 years.
• 7 Years: Retain records for 7 years if claiming a loss from worthless securities or a bad debt deduction.
  Property & Assets: Invoices for property should be kept until the limitations period expires for the year the property is disposed of, as they are needed for calculating depreciation and capital gains/losses.
  Indefinite: Records should be kept indefinitely in cases of fraud or failure to file a return.
  Types of Invoices to Retain
  The IRS requires documentation to support income and expense reporting, including invoices for gross receipts, inventory purchases, business expenses, and asset purchases and sales.
  Rules for Electronic Storage
  Electronic recordkeeping is permitted by the IRS if the system is accurate, secure, and legible. The records must sufficiently support return entries and verify tax liability, be accessible to the IRS upon request, and have the same legal standing as paper records under the E-Sign Act.
  Additional Compliance (Non-IRS)
  Beyond IRS requirements, other regulations may mandate longer retention periods. Public companies must retain audit-related invoices for 7 years under Sarbanes-Oxley, while HIPAA may require healthcare invoices to be kept for 6 to 10 years. State tax rules may also differ, with some states like California having a typical 4-year rule.
  For further details, refer to official IRS guidance such as IRS Topic 305: Recordkeeping and Publication 583: Starting a Business and Keeping Records.

Source: IRS : https://www.irs.gov/taxtopics/tc305

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