(703) 591-5200

How Long Should Records be Kept?

Pile of paper

Federal returns can be audited for up to three years after filing (six years if underreported income is involved), so all records substantiating tax information should be kept at least that long.

 

RECORDS

 

RETENTION PERIOD

 

Canceled Checks 7 years
Bank Deposit Slips 3 years
Bank Statements 7 years
Tax Returns Permanent
Employment Tax Returns 7 years
Expense Reports 7 years
Entertainment Reports 7 years
Financial Statements Permanent
Contracts Permanent
Minutes of Meetings Life of Company + 7 years
Corporate Stock Records Permanent
Employee Records Period of Employment + 7 years
Depreciation Schedule Life of Business + 7 years
Real Estate Records Permanent
Journal & General Journal Life of Business + 7 years
Inventory Records 7 years
Home Improvement Records Ownership Period + 7 years
Investment Records Ownership Period + 7 years

 

If you have any questions regarding the type of records or the retention period, please contact us.

Call 703-591-5200 or email info@bsbllc.com

 

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