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Empowering small business owners

to take back their lives

Record Retention Schedule

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.

Records Retention Period
Audit Reports Permanent
Bank Deposit Records 7 years
Bank Statements 7 years

Canceled Checks:

  • Asset Purchases
  • Taxes & Contracts
  • All Others

Varies as follows:

  • Disposition + 7 years
  • Permanent
  • 7 years
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

We Are Only Successful
If Our Clients Are Successful

Your success is our main priority, which is why we work to identify the right blend of services for each client. With Rickhoff & Associates, you will also enjoy our personal approach to doing business. We know that every client has different goals and changing needs, so we work with you throughout the year to offer advice, review your financial status, and ensure there are no surprises at year-end. Professional, personalized, client-focused…Rickhoff & Associates is the new breed of accounting firm.

  •  
    "Mr. Rickhoff was nominated by the members of the association [PASBA] to receive this outstanding award that honors a member who has consistently demonstrated the beliefs of the association's motto, Teach-Share-Learn."
    - Professional Association of
    Small Business Accountants

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