Record Retention Schedule
| Records | Retention Period |
|---|---|
| Audit Reports | Permanent |
| Bank Deposit Records | 7 years |
| Bank Statements | 7 years |
|
Canceled Checks:
|
Varies as follows:
|
| Contracts & Agreements | Permanent |
| Corporate Charter By-Laws | Permanent |
| Corporate Stock Records | Permanent |
| Depreciation Schedule | Life of Business + 7 years |
| Employment Records | Termination + 7 years |
| Employment Tax Returns | 7 years |
| Entertainment Records | 7 years |
| Expense Reports | 7 years |
| Financial Statements | Permanent |
| General Ledgers | Life of Business + 7 years |
| Home Improvement Records | Permanent |
| Income Tax Returns | Permanent |
| Inventory Records | 7 years |
| Minutes of Meeting | + 7 years |
| Pension Records | Permanent |
| Real Estate Records | Disposition + 7 years |
| Sales Invoices | 7 years |
| Tax & Legal Communications | Permanent |
| Time Cards & Time Sheets | 7 years |
Federal income tax returns can be audited for up to three years after filing, six years if substantial under-reported income is involved, and the audit period is unlimited in the event of fraud. All Records substantiating tax deductions should be kept as your situation dictates. If an income tax or employment tax return is not filed, all records must be kept indefinitely until the returns are filed. Once the returns are filed the retention period would apply.
Laws frequently change for record retention requirements; this guide is for general purposes only and should not be used as a final source. How long you should keep your records is partly a matter of judgment and a combination of Federal and State Statutes of Limitations currently in effect; please contact our office if you have any questions or uncertainties.
