Colors of the Rainbow and Their Meanings. The rainbow is a beautiful natural phenomenon; knowing the significance of each of the colors of the rainbow makes it even more beautiful. While Nature or God has created this glorious natural phenomenon; philosophers have given a meaning to its colors.
Minimum Length of Time. Keep the records and papers for any settled estate for at least seven years, if an estate tax return was filed. That is the Internal Revenue Service recommendation for any financial transactions. Under IRS rules, that is the end of the statute of limitations for any kind of auditing.
Generally, these records should also be retained for about 7 years. This retention period may be longer if they are supporting documents for tax purposes. However, if these statements have no tax or other key business purpose, then consider retaining your businessâs detailed annual statements for 7 years and disposing of underlying monthly statements after about a year.