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Record Retention

This list is the recommended record retention requirements as derived through analysis of case law, the Internal Revenue Code (IRC), IRC Regulations and various other sources.

The following are suggested guidelines as there are no specific tax laws covering this topic, therefore, other sources may have a different record retention suggestion. This chart takes the more conservative approach to record retention. Please consult your M&K tax advisor regarding your specific circumstance.

  • The suggested retention period is noted after the type of record
  • The figures represent the number of years for retaining the records

    • P means that the records should be retained permanently
    • AT means after termination
    • AD means after disposal of the underlying asset

Item Retention
Accidental Reports 7    
Annual Financial Reports P    
Articles of Incorporation P    
Audit Report P    
Bank Deposit Slips 3    
Bank Reconciliation 3    
Bank Statements 7    
Bills of Lading 5    
Bonds (records of issuance) P    
Budgets 3    
Capital Stock:
    Application, Authorization & Issuance P    
    Certificates (cancelled) P    
Check Register 10    
Checks(paid and canceled) 7 AD
Commission Reports 6 AD
Contracts:
   Corporate 20 AT
   Employee 7 AT
   Corporate 7
Correspondence:
   Accounting 5
   Credit & Collections 7
   General 3
   Personnel 7 AT
Dividend Register P
Depreciation Schedules 7 AD
Plans & Specifications P
Equipment Leases (after expiration) 6
Equipment Repair Records 3
Expense Reports 5
Financial Reports:
   Audited P
   Annual P
   Interim 3
   Fire Damage Reports 6 AT
   Fixed Asset Records 7 AD
   Franchise Agreements 10 AT
   Freight Draft, Bills & Claims 5
   Garnishments 3 AT
Insurance Policies (after expiration) 3
Inventory Records 7 AD
Invoices (issued or received) 7
Inventory-fixed Assets 7 AD
Labor Records:
   Applications (employees) 7 AT
   Contracts 7 AT
   Daily time reports 5
   Disability Claims 7 AT
   Earnings Records 7
   Pay Checks 7
   Personel Files 7 AT
   Salary Receipts 7 AT
   Time Cards, Tickets, Clock records 5
   Unemployment Claims 7 AT
   Withholding Certificates 7 AT
   Workers Compensation Reports 10
Leases 7AT
Ledgers & Journals:
   Accounts Payable Ledger 7
   Accounts Receivable Ledger 7
   Cash Journal 10
   Customer Ledger 7
   General Journal 10
   General Ledger P
   Journal Entries - year end P
   Payroll Journal 10
   Plant Ledger P
   Purchases journal 10
   Sales Journal 10
   Stock Ledger P
Licenses 1AT
Maintenance Records:
   Building 7
   Machinery 5
Manufactured Stock Records 7
Minute Books P
Mortgages 7AT
Notes (cancelled) 7
Notes (register) P
Options 7AT
Patent Records P
Pension Records P
Petty Cash Records 3
Plant Acquisition Records 7AD
Property Records:
    Account Ledgers P
    Appraisals P
    Damage Reports 7
    Deeds & Titles P
    Depreciation 7AD
    Purchases P
    Account Ledgers P
    Sales P
    Taxes 10
Purchase Order Copies 3
Purchase Invoices 7
Receiving Reports 3
Remittance Statements 3
Requisitions 3
Sales Invoices 7
Sales Slips (cash & charge) 7
Salesperson's Commission Statements 6
Securities (brokerage slips) 7
Shipping Tickets 5
Stockholder Records P
Surety Bonds 3AT
Tax Records
(including worksheets, bills,& agent reports)		 10
Tax Returns:
    Estate P
    Gift P
    Income P
    Payroll 7
    Personal Property 10
    Sales & Use Tax 10
    Social Security 7
Title Papers P
Trademark Records P
Travel Records (employees) 3
Uncollectible Accounts Records (employees) 7
Union (Labor) Contracts P
Voucher Register 10
Wage Rate Records 7
Warrants P
W-2 Forms 7

IRS CIRCULAR 230 DISCLOSURE NOTICE
The written advice in this website and its links are not intended or written to be used for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

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