Record Retention Standards

The Firm's policy is to retain certain documents for our clients as a courtesy service. However, the ultimate responsibility for maintaining original tax and accounting documents, as well as copies of tax returns and financial statements remains with the client. Our Firm policy is to retain copies of selected client tax documents for three years. We retain a copy of tax returns filed for as long as you remain a client. Financial statements that we have prepared are retained for six years.

Client Recommendations – Below is an abbreviated list of recommended retention periods. If you have a question about a specific document, please contact our office.

Individual Records | Business Records

Individual Records

Item

Suggested Retention

Tax Return Copies 7 Years
Medical Receipts 7 Years
Forms 1099 Received 7 Years
Forms W2 Received 7 Years
401 K/Keogh Statements 7 Years
IRA Statements (deductible & nondeductible) 7/Permanent
Loan Records / Forms 1098 7 Years
Annuity Year End Statements 7 Years
Insurance Policies – Life Permanent
Insurance Policies – Other 7 Years
Major Purchase Receipts 7 Years
Year-end Brokerage Statements/Trade Confirmations 7 Years
Certificates of Deposit Statements 7 Years
Schedule K-1's from Partnership or S Corporation 7 Years
House Records (canceled checks for purchase of major improvements and maintenance) Permanent
Birth and Death Certificates Permanent
Medical Records Permanent
Wills Permanent
Trust Agreements Permanent
Detailed List of Financial Assets Held Permanent
Alimony, Custody or Prenuptial Agreements Permanent
Military Papers Permanent
Photos or Videotapes of Valuables Permanent

Business Records

Item

Suggested Retention

ACCOUNTING RECORDS
Accounts Payable Ledger 7 Years
Accounts Receivable Aging Reports 7 Years
Accounts Receivable Ledger 7 Years
Accounts Receivable Invoices 7 Years
Accounts Written-off 7 Years
Authorization – Accounting 5 Years
Balance Sheets Permanent
Bank Reconciliations 7 Years
Bank Statements 7 Years
Bank Deposit Slips 3 Years
Budgets 3 Years
Canceled Checks 10 Years
Canceled Dividend Checks Permanent
Cash Book Permanent
Cash Disbursement & Receipt Record Permanent
Cash Sales Slips 7 Years
Charge Slips 7 Years
Charts of Accounts Permanent
Check Register Permanent
Expense Reports 7 Years
Financial Statements Permanent
General Ledger Permanent
Investment – Sales/Purchases Permanent
Journal Entries Permanent
Petty Cash Records 7 Years
Profit/Loss Statements Permanent
Purchase Order 7 Years
Receiving Documents 10 Years
Subsidiary Ledger Permanent
Trial Balance Permanent
Vendor Invoices 7 Years
Voucher Check Copies 7 Years
CORPORATE RECORDS
Amendments Permanent
Annual Reports Permanent
Articles of Incorporation Permanent
Audit Report – Public Permanent
Audit – Internal 6 Years
Board of Director – Committee Permanent
Board of Director – Minute Book Permanent
Bylaws Permanent
Capital Stock Certificates Permanent
Capital Stock Ledger Permanent
Capital Stock Transaction Permanent
Charter Permanent
Contracts – After Termination Permanent
Contributions of Capital 7 Years
Correspondence – Accounting 5 Years
Correspondence – General Permanent
Dividend Register and Cancelled Dividend Checks Permanent
Election Records (board members/officers) Permanent
Financial Statements Permanent
Organizational Charts Permanent
Partnership (if applicable) Permanent
Stock Transfer Records Permanent
Stockholders – Minute Book Permanent
FIXEDASSETS RECORDS
Depreciation Schedule Permanent
Inventory Records Permanent
Plans and Blueprints Permanent
Plant Cost Ledger Permanent
Property Appraisals Permanent
Property Register Permanent
Records for Property Subject to Depletion Permanent
LEGAL RECORDS
Bill of Sale Permanent
Business Permits Permanent
Claims and Litigation Permanent
Contract – Employees Permanent
Contracts – Government Permanent
Contracts – Labor Union Permanent
Contracts – Special Permanent
Copyrights Permanent
Correspondence – Legal Permanent
Deeds/Titles Permanent
Leases/Canceled 10 Years
Licenses Permanent
Mortgages Permanent
Notes Receivable – Canceled 10 Years
Patents Permanent
Stock and Bond Record Permanent
Title Papers Permanent
Trademarks – Registered Permanent
PAYROLL RECORDS
Independent contractor agreements Active plus 3 years
Checks – Payroll 7 Years
Commission Reports – Salesperson 6 Years
Employee Withholding Exemption Certificates 10 Years
Payroll Register 4 Years
Payroll Records – After Termination 10 Years
Salary History 8 Years
Time Reports 7 Years
W-2 Forms Permanent
Vacation/Sick Pay 4 Years
Large Food or Beverage Establishment Reporting Tips 4 Years
Employee Tip Substantiation 4 Years
TAXATION RECORDS
Tax Fee Reorganization Permanent
Tax Elections Permanent
Canceled Checks – Tax Payments Permanent
Correspondence – Tax Permanent
Depreciation Schedules Permanent
Income Tax Returns 7 Years
Inventory Reports 7 Years
FUTA/FICA/Income Tax Withholding 4 Years
Payroll Tax Returns 7 Years
Revenue Agent Reports Permanent
Sales Tax Returns 7 Years
Transfer Pricing 4 Years

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