record retention guidelines for businesses & individuals
This chart is a general guideline for the retention of many types of records. Specific retention periods should take into account industry requirements and contractual obligations. Please feel free to contact us with any specific records retention questions.
BUSINESS ACCOUNTING RECORDS
| Accounts payable | 7 years |
| Accounts receivable | 7 years |
| Audit reports | Permanent |
| Chart of accounts | Permanent |
| Depreciation schedules | Permanent |
| Expense records | 7 years |
| Financial statements (annual | Permanent |
| Fixed asset purchases | Permanent |
| General ledger | Permanent |
| Inventory records | 7 years (permanent for LIFO system) |
| Loan payment schedules | 7 years |
| Purchase orders | 7 years |
| Sales records | 7 years |
| Tax returns | Permanent |
BUSINESS BANK RECORDS
| Bank reconciliations | 2 years |
| Bank statements | 2 years |
| Cancelled checks | 7 years (permanent for real estate) |
| Electronic payment records | 7 years |
BUSINESS CORPORATE RECORDS
| Board minutes | Permanent |
| Bank statements | Permanent |
| Business licenses | Permanent |
| Bylaws | Permanent |
| Contracts – major | Permanent |
| Contracts – minor | Life + 4 years |
| Insurance policies | Life + 3 years (verify with agent) |
| Leases | Permanent |
| Mortgages | Permanent |
| Patents | Permanent |
| Shareholder records | Permanent |
| Stock registers | Permanent |
| Stock transactions | Permanent |
| Trademarks | Permanent |
BUSINESS EMPLOYEE RECORDS
| Benefit plans | Permanent |
| Employee files (former employees) | 7 years or state statute for lawsuit |
| Employment applications | 3 years |
| Employment taxes | 7 years |
| Payroll records | 7 years |
BUSINESS REAL PROPERTY RECORDS
| Construction records | Permanent |
| Lease payment records | Life + 4 years |
| Leasehold improvements | Permanent |
| Real estate purchases | Permanent |
INDIVIDUAL RECORDS
| Divorce documents | Permanent |
| Estate planning documents | Permanent |
| Home improvement receipts | Ownership period + 7 years |
| Home purchase documents | Ownership period + 7 years |
| Income tax returns and all supporting documents | 7 years |
| Insurance policies | Life of policy + 3 years |
| Loan documents | Term of loan + 7 years |
| Retirement plan annual reports | Permanent |
ACCOUNTING & AUDITING
Providing accounting, auditing, review and attest services including specialized agreed upon procedures to organizations.
CONSULTING
Assisting client management in a wide range of consulting services that add value to a client’s financial, human and organizational resources.
TAX
We specialize in federal and state complex business and personal tax services, including tax planning, preparation & compliance services.
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