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Records and How Long to Keep Them
September is a great time to organize your records; it gives you a jumpstart on tax season along with clearing out old unnecessary files. How many times have you thought Do I really need this? Is it safe to throw away? Here is a simple list that you will find helpful for both individual and business records. This is not meant to take the place of professional legal advice or the guidance of your Tax consultant.
| Finance and Tax | |
|---|---|
| Annual Financial Statements | Permanently |
| Asset Ledgers and Depreciation Schedules | Permanently |
| Audit Reports | Permanently |
| Canceled Checks on major assets and contract acquisitions | Permanently |
| Charts of Accounts | Permanently |
| General Ledgers | Permanently |
| Retirement Plan Documents | Permanently |
| Bank Statements and Reconciliations | 7 Years |
| Canceled Checks (except major purchases) | 7 Years |
| Ledgers | 7 Years |
| Check ledgers and subsidiary ledgers (except Asset Ledgers) | 7 Years |
| Tax Records | |
| IRS Letters | Permanently |
| Income Tax Returns | Permanently |
| Payroll Tax Returns and W-2s | Permanently |
| Legal Contracts | |
| Legal Contracts and Correspondence (including patents, trademarks and copyright filings) | Permanently |
| Engagement Letters | Permanently |
| Labor Contracts | Permanently |
| Property Records: Deeds, Mortgages, Loans, and Bills of Sale for major assets | Permanently |
| Entity Organizational Documents | |
| Articles of Incorporation | Permanently |
| Bylaws | Permanently |
| Partnership Agreements | Permanently |
| Organizational Records | Permanently |
| Stock Certificates | Permanently |
| Board of Directors Minutes | Permanently |
| Shareholders Meeting Minutes | Permanently |
| Transaction Documents | |
| Inventory Records | 7 Years |
| Customer Invoices | 7 Years |
| Vendor Invoices | 7 Years |
| Sales Records | 7 Years |
| Employee Records | |
| Employee Accident Documents and Logs (after settlement) | 11 Years |
| Employee Medical Records related to exposure of toxic substances or required by OSHA |
Permanently |
| Insurance Records | Permanently |
| Policies | Permanently |
| Claims and related Correspondence | Permanently |
| Employee Procedures Manual | 11 Years |
| Job Descriptions | 11 Years |
| Non-Hired Job Applications | 1 Year |
| Personnel Files (after termination) | 7 years |
| Time Cards | minimum 4 years to 7 years |
| Reimbursement Vouchers | 7 years |
| Payroll Checks | 7 to 8 Years |
| Workers Compensation Documents | 11 Years |
| Routine Correspondence, including Email | 2 to 4 Years |
Valerie Kelly