https://mengelmetzgerbarr.com/Resources/Forms-Guides

Forms & Guides

  

Downloadable Documents

  Tax Guide

  IRS 1771

  Record Retention Guidelines

  MMB Employment Application

 

Internet Links

Government Links

  • U.S. Small Business Administration
    You don't need an MBA to use the SBA. This site outlines everything in plain English. The SBA site contains a wealth of information for entrepreneurs and small business owners.
  • U.S. Department of Commerce
    A thorough overview of the Commerce Department and the organizations under its banner.
  • Federal Consumer Information Center
    Catalog of free and low-cost federal publications of consumer interest, as well as a wealth of information on other subjects, such as product recalls, the latest scams and frauds, and more.

Financial Links

 

Record Retention Guidelines

Accounting

Accounts payable (ledger, schedules and invoices from vendors)
7 years
Accounts receivable (ledger, schedules and invoices from vendors)
7 years
Audit Reports
Permanently
Chart of Accounts
Permanently
Depreciation schedules
Permanently
Expense records
7 years
Financial statements (annual)
Permanently
Fixed asset purchases
Permanently
General ledger
Permanently
Inventory records
7 years
Loan payment schedules
7 years
Purchase orders (1 copy)
7 years
Sales records
7 years
Tax returns, revenue agents' reports and other
documents relating to determination of income tax liability
Permanently

Bank Records

Bank reconciliations 2 years
Bank statements 7 years
Cancelled checks 7 years
Electronic payment records 7 years

 

Corporate Records

Board minutes
Permanently
Bylaws 
Permanently
Business licenses           
Permanently
Contracts – major                        
Life + 4 years
Contracts – minor   
Life + 3 years
Insurance policies 
 Permanently
Leases/mortgages 
 Permanently
Patents/trademarks 
 Permanently
Shareholder records                     
Permanently
Stock registers               
Permanently
Stock transactions                   
Permanently

Employee Records

Benefit plans           
Permanently
Employee files (ex-employees)  
7 years
Employment applications          
3 years
Employment taxes                       
7 years
Payroll records, including payments to pensioners         
 7 years
Pension/profit sharing plans    
 Permanently
Time books
7 years
 

Real Property Records

Construction records
Permanently
Leasehold improvements   
Permanently
Lease payment records         
Life + 4 years
Property appraisals by outside appraisers                 
Permanently
Real estate purchases              
Permanently

Individual Record Retention Guidelines

Tax returns (uncomplicated) 7 years
Tax returns (all other) Permanently
W-2s 7 years
1099s 7 years
Canceled checks supporting tax deductions 7 years
Bank deposit slips 7 years
Bank statements 7 years
Charitable contribution documentation 7 years
Receipts, diaries and logs pertaining to tax returns 7 years
Investment purchases and sales slips Ownership period
+ 7 years
Dividend reinvestment records Ownership period
+ 7 years
Year-end brokerage statements Ownership period
+ 7 years
Mutual fund annual statements Ownership period
+ 7 years
Investment property purchases Ownership period
+ 7 years
Home purchase documents Ownership period
+ 7 years
Home improvement receipts and canceled checks Ownership period
+ 7 years
Home repairs receipts and canceled checks Ownership period
+ 7 years
Retirement plan annual report Permanently
IRA annual reports Permanently
IRA nondeductible contributions Form 8606 Permanently
Insurance policies Life of policy
+ 3 years
Divorce documents Permanently
Loan documents Term of loan
+ 7 years
Estate planning documents Permanently
 

Miscellaneous Records

General correspondence
     3 years
Accident reports and claims       
 7 years
Internal memos and reports       
 3 years