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Record Retention Guide

We have compiled a short list of the most common tax and financial records that an individual may need to keep and the time period that the records should be retained.  Requirements for records kept electronically are the same as for paper records.


The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.  For more information on anything on tomparfittcpa.com, or for assistance with any of your tax, business, or financial strategy concerns, contact our offices.


Business Records

Accounting Records

Retention period

1099's

7 years

Accounts Payable

7 years

Accounts Receivable

7 years

Cash Disbursement Journals

7 years

Cash Receipts Journals

7 years

Chart of Accounts

Permanent

Financial Statemets (annual)

Permanent

Fixed asset purchases

Permanent

General Ledger

Permanent

Inventory records

7 years

Loan payment schedules

Life of loan plus 7 years

Tax Returns

Permanent



Banking Records

Retention period

Bank deposit slips

7 years

Bank reconciliations

2 years

Bank statements

7 years

Cancelled checks

7 years

Electronic payment records

7 years



Corporate Records

Retention period

Board minutes

Permanent

Bylaws

Permanent

Business licenses

Permanent

Contracts (major)

Permanent

Contracts (minor)

Life of contract plus 4 years

Insurance policies

Life of policy plus 3 years

Leases and Mortgages

Permanent

Patents and Trademarks

Permanent

Shareholder records

Permanent

Stock registers

Permanent

Stock transactions

Permanent



Employee Records

Retention period

Benefit plans

Permanent

Employee files (ex-employees)

7 years

Employment applications

3 years

Employment taxes

7 years

Payroll records

7 years

Pension and profit sharing plans

Permanent

W-2's

7 years



Real Estate Records

Retention period

Construction records

Permanent

Leasehold improvements

Permanent

Lease payment records

Life of lease plus 4 years

Real estate purchases

Permanent


Individual Records

Record

Retention period

1099's

7 years

Bank deposit slips

7 years

Bank statements

7 years

Cancelled checks that support tax deductions

7 years

Charitable contribution documentation

7 years

Check stubs

7 years

Credit card statements

7 years

Dividend reinvestment records

Ownership plus 7 years

Divorce documents

Permanent

Estate planning documents

Permanent

Home improvement receipts and cancelled checks

Ownership plus 7 years

Home purchase documents

Ownership plus 7 years

Insurance policies

Life of policy plus 3 years

Investment purchase and sales documents

Ownership plus 7 years

Investment property purchase documents

Ownership plus 7 years

IRA annual reports

Permanent

IRA nondeductible contributions (form 8606)

Permanent

Loans

Term of loan plus 7 years

Mutual fund annual statements

Ownership plus 7 years

Receipts and logs pertaining to tax returns

7 years

Retirement plan annual statements

Permanent

Tax Returns (simple)

7 years

Tax Returns (complex)

Permanent

W-2's

Permanent

Year-end brokerage statements

Ownership plus 7 years


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Parfitt & Associates, LLC