Your certified public accountant (CPA) may recommend keeping accounting records indefinitely. Accounting documents: Retain all small business accounting records applicable to your taxes, including depreciation schedules and year-end financial statements, for at least seven years.To employees of opposite sexes in the same establishment.” Must retain records showing your reasoning “for paying different wages In addition, all companies covered by federal anti-discrimination laws Requires employers to keep payroll records “for at least three years.” In contrast, you need to keep OSHA accident forms for Relating to exposure from harmful agents must be kept for 30 years afterĮmployment ends. Personnel records: Refer to the federal record retention guidelinesįor a precise breakdown of requirements.Records, for seven years to stay on the safe side. “records indefinitely.” Keep federal tax returns, including payroll tax But, if you don’t file a return, the IRS recommends keeping Tax returns should be kept for three to seven years, depending on the Business federal tax returns: According to the IRS,.Records, deeds, patents and trademark registrations, propertyĪppraisals, bill of sale documents and other ownership records Legal documents: It’s best to keep business formation.Use the following information to guide your document retention policy: Guidelines may vary depending on your industry and circumstances. Several federal agencies have document retention requirements. If you’re unsure what to keep and what to shred, your accountant, lawyer and state record-keeping agency may provide guidance. In some cases, you will need to keep the records forever. How long should I keep business documents?ĭocument retention guidelines typically require businesses to store records for one, three or seven years. Some external agencies, such as the Payment Card Industry Security Standards Council (PCI SSC), require businesses to keep documents for PCI compliance. Your state and local government may have stricter guidelines. Health Insurance Portability and Accountability Act (HIPAA).Equal Employment Opportunity Commission (EEOC).
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