Info Center

 

 

What to Keep -

A guide to

Record Retention

 

 

Keep Permanently

. Audit reports of accountants

. Capital stock & bond records: ledgers,

  transfer registers, stubs showing issues,

  record of interest coupons, options, etc.

. Cashbooks

. Charts of accounts

. Checks (cancelled for important

payments, i.e., taxes, purchases of

property, special contracts, etc. (checks

should be filed with the papers

 pertaining to the underlying transaction)

. Contracts & leases still in effect

. Correspondence (legal & important

 matters only)

. Deeds, mortgages, & bills of sale

. Depreciation schedules

. Environmental exposure records

. Federal tax form 970-LIFO election

. Federal tax form 3115-application

for change in accounting method

. Financial statements (end-of-year,

other months optional)

. General & private ledgers

(& end-of-year trial balances)

. Insurance records, current accident

reports, claims, policies, etc.

. Journals

. LIFO vehicle schedules and data sheets,

  purchased vehicle invoices, and

reserve calculations

. LIFO parts detailed index report and

reserve calculations

. Minute books for directors &

stockholders,  including by-laws

& charters

. Property appraisals by outside

appraisers

. Property records – including costs,

 depreciation

  reserves, end-of-year trial balances,

 depreciation

  schedules, blueprints & plans

. Retirement & pension records

. Stock & bond certificates (cancelled)

. Tax returns & worksheets, revenue

agents’ report  & other documents

relating to determination of  income tax

liability

. Trademark registrations

 

Keep Eleven Years

. Workman’s Comp. Documents

 

Keep Ten Years

. Form 8300 filings

. State sales and use tax returns

. Unemployment tax returns

 

Keep Seven Years

. Accident reports & claims (settled cases)

. Accounts payable ledgers & schedules

. Accounts receivable ledgers & schedules

Contracts & leases (expired)

. Credit application (denied/ no deal)

 

  

  

 

 

 

 

 

 

Keep Seven Years - Continued

. Employee personnel records (after

termination)

. Expense analyses & expense distribution

  schedules

. Financial statements (monthly)

. Inventories of products, materials,

& supplies

. Invoices to customers

. Invoices from vendors

. Notes receivable ledgers & schedules


. Option records (expired)

. Payroll records & summaries, including

   payments  to pensioners

. Plant cost ledgers

. Purchase orders (purchasing department copy)

. Sales records

. Scrap & salvage records (inventories, sales, etc.)

. Subsidiary ledgers

. Time books

. Voucher register & schedules

. Vouchers for payments to vendors, employees,

 etc. (includes allowances &

reimbursement of   employees,

officers, etc. for travel and

entertainment expenses)

 

Keep Four Years

. W-4 forms


 

Keep Three Years

. Bank statements

. Correspondence (general)

. Employment applications

. Insurance policies (expired)

. Internal audit reports (in some cases, longer

  retention periods may be desirable)

. Internal reports (miscellaneous)

. Petty cash vouchers

. Physical inventory tags

. Savings bond registration records of employees


 

Keep Two Years

. Correspondence (routine) with customers or

   vendors


 

Keep One Year

. Bank reconciliations

. Duplicate deposit slips

. I-9’s (after termination)

. Purchase orders (except purchasing department

  copy)

. Receiving sheets

. Requisitions

. Stenographer’s notebooks

. Stockroom withdrawal forms

  

 

 


 

 

 

 

Events Calendar
The interactive calendar highlights federal and state tax due dates, special firm events and other important dates that may be of interest to you. Because the calendar is continually updated, check back often to keep track of filing requirements, deadlines and other events that will help you stay current and up-to-date.

Client Tax Organizer
A tax organizer can facilitate the process of pulling together your tax information. This basic tax organizer is designed for new clients and allows you to enter your information right on the screen. You can then print the completed tax organizer and fax or mail it to the office. Current clients should contact the office to request a "proforma" tax organizer that includes prior year information and carryover data.

Federal Tax Forms & IRS Publications
Looking for a federal tax form? Browse this online tax forms library to find downloadable IRS forms. The forms are presented in PDF format and are acceptable for filing with the IRS. You may also choose from dozens of helpful tax publications developed by the IRS to help taxpayers have a better understanding of various tax issues. Available in PDF format, these publications are written in a plain language format geared specifically to taxpayers.