Records Retention Schedule
One of the most common questions asked is: “How long shall I keep my Business and tax records?” It is not possible to provide a simple answer as there are differing statutes and regulations of the various federal, state and local agencies. Your company’s particular needs should be evaluated. Legal advice should be sought.
The schedule suggested below provides a rough guide as to how long a Business should retain its records. Retention periods begin at the end of the fiscal year during which the document was created, not from the date on the document. Tax returns and supporting documents retention period begins on the filing date of the return or its due date (with extensions), whichever is later.
The suggested retention period is noted after the type of record. The figures represent the number of years for retaining the records.