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Record Retention Guidelines

Accounting

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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

Employee and Real Property Records

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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

Bank and Corporate Records

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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

Individual and Miscellaneous Guidelines

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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

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