Business Records Retention Guidelines

Business Records Retention Guidelines

As Records Storage Industry leaders, many of our clients ask us for help in the preparation of a Retention Schedule for their files. We have prepared this guideline, but offer it only as a starting point to be confirmed and tested by your accountants and lawyers. When it comes to compliance with legislation and the possibility of an audit and/or fines, one can never be too careful or up-to-date.

BUSINESS RECORDS (KEEP FOREVER)

  • income tax returns
  • income tax payment checks
  • investment trade confirmations
  • important correspondence
  • legal records
  • retirement and pension records
  • CPA audit reports
  • annual financial statements and books of account
  • corporate documents (incorporation, charter, by-laws, etc.)
  • stock records
  • retirement and pension records
  • licenses, patents, and trademarks and registration packets
  • investment trade confirmations
  • documents substantiating fixed asset additions


BUSINESS RECORDS (KEEP SIX YEARS)

  • bank reconciliation and cancelled checks
  • canceled payroll and dividend checks
  • personnel and payroll records
  • purchase records
  • sales records
  • travel and entertainment records
  • supporting documents for tax returns
  • property records / improvement receipts (if tax-related)
  • sales receipts (if tax-related)
  • utility records (if tax-related)
  • other bills (if tax-related)


BUSINESS RECORDS (KEEP THREE YEARS)

  • monthly financial statements
  • credit card statements (for internal use)
  • employment applications (unless your profession requires longer)
  • expired insurance policies


PERSONAL RECORDS (KEEP FOREVER)

  • income tax returns
  • income tax payment checks
  • investment trade confirmations
  • important correspondence
  • legal records
  • retirement and pension records
  • CPA audit reports


PERSONAL RECORDS (KEEP SIX YEARS)

  • supporting documents for tax returns
  • accident reports and claims
  • medical bills (if tax-related)
  • property records / improvement receipts (if tax-related)
  • sales receipts (if tax-related)
  • utility records (if tax-related)
  • other bills (if tax-related)


PERSONAL RECORDS (KEEP THREE YEARS)

  • credit card statements
  • medical bills (in case of insurance disputes)
  • utility records (for internal use)
  • expired insurance policies


SPECIAL CIRCUMSTANCES

  • car records (keep until the car is sold)
  • credit card receipts (keep until verified on your statement)
  • insurance policies (keep for the life of the policy)
  • mortgages / deeds / leases (keep 6 years beyond the agreement)
  • pay stubs (keep until reconciled with your W-2)
  • property records / improvement receipts (keep until property sold)
  • sales receipts (keep for life of the warranty)
  • stock and bond records (keep for 6 years beyond selling)
  • warranties and instructions (keep for the life of the product)
  • other bills (keep until payment is verified on the next bill)

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