Information-Record-Retention Schedule

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Numerous Clients have requested information on the retention period of tax documents.  Below is a shortlist of  a number of records you may have and how long these items should be retained:

 

  Copies of Tax Returns Forever
  Tax and Legal Correspondence Forever
  Audit Reports Forever
  Contracts and Leases Forever
  Real Estate Records Forever
  Corporate Minutes and Stock Record Forever
  Bank Statements 6 Years
  General Ledger and Journals 6 Years
  Sales Records and Journals 6 Years
  Personal Investment Records 6 Years After Sales
  IRA Records 6 Years After Withdrawals
  Canceled Checks 3 Years
  Paid Vendor Invoices 3 Years
  Employee Payroll Records 3 Years
  Employee Expense Records Years
  Depreciation Schedules Tax Life Of Asset + 3 Years

Tax Topics