General Tax Information

Record Retention Guidelines

The following chart provides a general guideline for the retention of many records, but the specific holding periods for any record retention policy should be given careful scrutiny by management and legal advisors in light of any pending investigations, regulated industry requirements or contract covenants. In addition to these general guidelines, each business should consider any industry standards that may affect the holding period of records due to unusual legal circumstances.

Accounting Records

  • Auditors' report and annual financial statements: Permanently

  • Bank statements and deposit slips: 7 years


Cancelled checks

  • Fixed assets: Permanently

  • General: 7 years

  • Payroll: 7 years

  • Taxes (payroll related): 7 years

  • Taxes (income): Permanently

  • Cash disbursements journal: Permanently

  • Cash receipts journal:  Permanently

  • Charts of account: Permanently

  • Deeds, mortgages, bills of sale: Permanently

  • Electronic payment records: 7 years

  • Employee expense reports: 7 years

  • Fixed asset records (invoices, depreciation schedules): Permanently

  • Freight bills and bills of lading: 7 years

  • General journal: Permanently

  • General Ledger: Permanently

  • Inventory listings and tags: 7 years

  • Invoices: Sales to customers/credit memos: 7 years

  • Patent/Trademark and related papers: Permanently

  • Payroll journal: Permanently

  • Production and sales reports: 7 years

  • Purchases: 7 years

  • Purchase journal: Permanently

  • Purchase orders: 7 years

  • Sales or work orders: 7 years

  • Subsidiary ledgers (accounts receivables, accounts payable, equipment):

  • Time cards and daily time reports: 7 years

  • Training manuals: Permanently

  • Trial balance - year end: Permanently

Insurance Records

  • Accident reports and claims (after settlement): 6 years

  • Fire inspection and safety reports: 7 years

  • Insurance policies (after expiration): 7 years

Legal Documents

  • Articles of incorporation and bylaws: Permanently

  • Amendments to above: Permanently

  • Buy-sell agreements: Permanently

  • Contracts and leases (after expiration): 7 years

  • Employment agreements: 7 years

  • Legal correspondence: Permanently

  • Minutes: Permanently

  • Partnership agreements: Permanently

  • Stock Certificates: Permanently

Tax Records

  • IRS or FTB adjustments: Permanently

  • Payroll tax returns: Permanently

  • Property basis records: Permanently

  • Sales and use tax returns: Permanently

  • Tax returns and cancelled checks for tax payments: Permanently

Personnel Records

  • Child labor certificates and notices: 3 years

  • Employment application (from date of termination): 2 years

  • Employment eligibility verification (I-9 Form): 3 years

  • Help wanted ads and job opening notices: 2 years

  • Personnel files (from date of termination): 4 years

  • Records of job injuries causing loss of work: 5 years

  • Safety: chemical and toxic exposure records: 30 years

  • Union agreements and individual employee contracts (from date of termination): 3 years

Employee Benefit Plan Records

  • Actuarial reports: Permanently

  • Allocation and compliance testing: 6 years

  • Brokerage/Trustee statements supporting investments: 6 years

  • Financial statements: Permanently

  • General ledger and journals: 6 years

  • Information returns (Form 5500): 6 years

  • IRS/Department of Labor correspondence: Permanently

  • Participant communications related to distributions, terminations, beneficiaries: 6 years

  • Plan and Trust Agreements

Individual Records

  • Tax Returns (after filing): 6 years

  • Medical Bills (after payment): 6 years

  • Forms 1099 received (after receipt): 6 years

  • Keogh statements (after plan termination): 6 years

  • IRA records (after account termination): 6 years

  • Loan records (after payoff): 6 years

  • Insurance policies (after expiration): 6 years

  • Major purchase receipts (after purchase): 6 years

  • Year-end brokerage statements (after securities deposit): 6 years

  • Certificate of deposit statements (after maturity): 6 years

  • Schedule K-1s (after disposition of interest): 6 years

Individual Permanent Records

  • House records (cancelled checks for major improvements and maintenance)

  • Birth and death certificates

  • Medical records

  • Wills/Trust Agreements

  • W-2 Forms received

  • List of Financial assets held

  • Alimony, custody, & prenuptial agreements

  • Military papers

  • Photos or videotape of valuables