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.
Six Years. Keep your income tax papers for six years if you donât report income that you should and this unreported amount exceeds 25 percent of the gross income that you did report.he types of records you should keep are anything related to your income (e.g., W-2s, 1099s, bank and brokerage statements), expenses (e.g., receipts, canceled checks and invoices) and home-related records (e.g., purchase receipts, closing records, insurance records and proof of improvements).