Kevin J. Goering CPA P.A.

Records Retention

 

RECORDS RETENTION SCHEDULE

(Individual and Business)

 

Individual:

3-Year Retention:

Investment property, home purchase & home improvement receipts. (Period held plus 3 years).

Insurance policies. (Life of policy plus 3 years).

Credit card statements.

Charitable contribution documentation.

Diaries & logs pertaining to tax return.

Investment information-Year-end brokerage statements, stock purchase and sale receipts. (Period held plus 3 years).

Bank statements & canceled checks.

Deposit slips.

Receipts for all tax deductible expenses.

Insurance policies-expired.

Individual:

Permanent Retention:

Retirement plan & IRA annual reports.

IRA nondeductible contributions-Form 8606.

Divorce documents.

Income tax returns and other documents relating to determination of income tax liability- (i.e. W2's, 1099's and notices).

Legal correspondence.

Deeds, mortgages and bills of sales.

 

Business:

3-Year Retention:

 Investment information-Year-end brokerage statements, stock purchase and sale receipts. (Period held plus 3 years).

Bank statements & canceled checks.

Deposit slips.

Receipts for all tax deductible expenses.

Insurance policies-expired.

Computer back-ups of accounting data.

Accounts receivable ledgers & schedules.

Customer invoices and deposit records.

Accounts payable ledgers & schedules.

Vendor invoices & receipts.

Physical inventory reports (year-end).

Sales tax returns.

Job folders.

 

 Business:

5-Year Retention:

Payroll tax returns & W2 copies.

Timecards or timesheets.

W4's & I9's signed by employees.

Employee files.

 

 Business:

Permanent Retention:

Income tax returns and other documents relating to determination of income tax liability- (i.e. W2's, 1099's and notices).

Legal correspondence.

Deeds, mortgages and bills of sales.

Contracts, licenses & leases.

Employee benefit plans.

Patents, trademarks and copyrights.

Depreciation schedules.

Chart of accounts.

Corporate legal documents.

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