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 six 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 |
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ACCOUNTING RECORDS |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 | 3 Years | ||||||
| Employee Tip Substantiation | 3 Years | ||||||
TAXATION RECORDS |
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| 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 | ||||||