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June 8, 2013 By Larry L. Bertsch, CPA and Associates

How Long Should I Keep Records?

This is a question we get often from our small business clients. It’s amazing how much paperwork a business generates and it can be overwhelming to figure out what needs to be saved and for how long. The IRS sets basic standards related to “tax records” and other agencies or professionals have different ideas on length of time a business record should be kept. The following is a basic guideline for business records:

Permanently:

  • general ledgers and journals
  • chart of accounts
  • depreciation schedules
  • fixed asset purchases/leasehold improvements
  • payroll records, including W-2s, 940s, 941s
  • year-end financial statements
  • tax returns and supporting documents
  • articles of incorporation, bylaws, meeting minutes, shareholder records, stock certificates etc.
  • retirement/benefit plan records
  • mortgages and deeds
  • patents and trademarks
  • audit reports

10 Years:

  • bank statements and cancelled checks
  • AP & AR documents
  • invoices and billing information (customers and vendors)
  • leases/mortgages
  • contracts with clients and suppliers

7 years:

  • expense reports
  • employee agreements/contracts/termination records
  • employment taxes
  • payroll records
  • documents related to litigation
  • inventory documentation

3 years:

  • employment applications
  • employee disability and illness benefit records
  • expired insurance policies

Filed Under: Accounting Tagged With: accounting paperwork, business paperwork, keeping business records

 

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Larry L. Bertsch, CPA and Associates

About Larry L. Bertsch, CPA and Associates

Larry Bertsch, a long-time resident of Las Vegas, former CFO and former bankruptcy trustee with a well-respected reputation in both the private and public sectors. He is the founder of Larry L. Bertsch, CPA & Associates, a top certified public accountants firm that has been offering the highest quality services to regional clients since 2003. Mr. Bertsch served as a panel Trustee for United States Bankruptcy Court for the District of Nevada between 1991 and 2000. He has made it the highest priority to use his experience in finances and management to give small businesses the services they deserve.

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Larry L. Bertsch, CPA & Associates, LLP
265 E Warm Springs Rd, #104, Las Vegas, NV 89119
Phone: (702) 471-7223

Larry L. Bertsch, CPA & Associates, LLP

265 E Warm Springs Rd, #104, Las Vegas, NV 89119

Phone: (702) 471-7223

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