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Sterck Kulik O'Neill's recommendations on document
retention are listed in the tables below.Different types of records need to be retained for different time
periods. The time documents should be kept depends on appropriate
laws, IRS and governmental regulations, and third-party requirements.
| These
recommendations on Document Retention are general guidelines. They are NOT advice for any
specific circumstance! Please
contact us
for professional advice. We also
link to additional resources. We are not
responsible for the recommendations or information provided by these
third parties. |
There is no
retention limit for documents when fraudulent activity has occurred.
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| Type of
Record |
Retention
Period
(Years) |
| Auditors' reports |
Permanent |
| Bank debt deduction |
7 |
| Bank deposit slips, reconciliations,
statements
|
4 |
| Bills of lading
|
4 |
| Budgets |
2 |
| Checks - cancelled
|
4 |
| Contracts - purchase
and sales |
4* |
| Credit memos
|
4 |
| Depreciation records
|
4* |
| Employee expense
reports |
4 |
| Employee payroll records (W-2, W-4, annual earnings records,
etc.)
|
6* |
| Financial statements -- annual
|
Permanent |
| Financial statements -- interim |
4 |
| Freight bills
|
4 |
| Internal reports (Work orders, sales
reports, production reports) |
4 |
| Inventory lists
|
4 |
| Invoices - Sales and cash register
receipts, merchandise purchases |
4 |
| Invoices -- purchases (permanent
assets) |
4* |
| General ledger
|
Permanent |
| Journals |
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General, cash receipts, cash
disbursement, and purchase journals. |
Permanent |
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Payroll journal |
4 |
| Petty cash vouchers |
4 |
| Subsidiary ledgers (accounts receivable,
accounts payable, etc.) |
6 |
| Time cards and daily time
reports |
4 |
| Worthless securities |
7 |
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* Retention periods begin
after termination, expiration, disposal, etc. of item. | |
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| Type of Record |
Retention
Period (Years) |
| Articles of
incorporation |
Permanent |
| Bylaws |
Permanent |
| Capital stock and bond records |
Permanent |
| Contracts and
agreements (government construction, partnership, employment, labor,
etc.) |
Permanent |
| Copyrights and
trademark registration |
Permanent |
| Legal
correspondence |
Permanent |
| Minutes |
Permanent |
| Mortgages and note
agreements |
6* |
| Patents |
Permanent |
| Personnel files |
4* |
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* Retention periods begin
after termination, expiration, disposal, etc. of item. |
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| Type of Record |
Retention
Period (Years) |
| Accident
reports |
6 |
| Fire inspection reports |
6 |
| Group disability records |
6 |
| Insurance
policies |
6 * |
| Safety records |
6 |
| Settled insurance claims |
4 * |
| * Retention periods begin after
termination, expiration, disposal, etc. of item. | |
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Pension/Profit Sharing Records
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| Type of Record |
Retention
Period (Years) |
| Actuarial reports |
Permanent |
| Associated ledgers
and journals |
Permanent |
| Financial statements |
Permanent |
| IRS approval
letter |
Permanent |
| Plan and trust agreement |
Permanent |
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Tax Records
There is no limit for returns that are
filed fraudulently or that substantially underreport income. |
| Type of Record |
Retention Period
(Years) |
Tax returns and cancelled checks
(federal, state and local) |
Permanent |
| Sales and use tax returns |
Permanent |
| Payroll tax returns |
4 |
| Pension/profit-sharing informational
returns |
Permanent |
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All retention periods begin
with the date the return was filed. If the statute of limitations
concerning a tax year is extended, the retention period should be
extended accordingly. |
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If the guidelines you're looking for are not on this page or if you
want more information, try searching for books on
Document Retention
and Record Retention
at Amazon.com or at your own favorite bookseller.
More information on document retention is available on the Internet
at the sites listed on this
search result page.
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| These
recommendations on Document Retention are general guidelines. They are NOT advice for any
specific circumstance! Please
contact us
for professional advice. We also
link to additional resources. We are not
responsible for the recommendations or information provided by these
third parties. |
|
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