Document Retention List

Document retention can be crucial during the time that you are doing your taxes. So in order to help, we will provide a compact guide on how long your documents need to remain in your possession by years.

Business

  • Correspondence with Customers and Vendors

  • Duplicate Deposit Slips

  • Purchase Orders (other than Purchasing Department copy)

  • Receiving Sheets

  • Requisitions

  • Stenographer's Notebooks

  • Stockroom Withdrawal Forms

It is important to keep year-end mutual fund and IRA contribution statements forever, but it is not mandatory to save monthly and quarterly statements once the year-end statement has arrived.

Year

Personal

  • Employee Personnel Records (after termination)

  • Employment Applications

  • Expired Insurance Policies

  • General Correspondence

  • Internal Audit Reports

  • Internal Reports

  • Petty Cash Vouchers

  • Physical Inventory Tags

  • Savings Bond Registration Records of Employees

  • Time Cards For Hourly Employees

  • Credit Card Statements

  • Medical Bills (in case of insurance disputes)

  • Utility Records

  • Expired Insurance Policies

  • Accident Reports, Claims

  • Accounts Payable Ledgers and Schedules

  • Accounts Receivable Ledgers and Schedules

  • Bank Statements and Reconciliations

  • Cancelled Checks

  • Cancelled Stock and Bond Certificates

  • Employment Tax Records

  • Expense Analysis and Expense Distribution Schedules

  • Expired Contracts, Leases

  • Expired Option Records

  • Inventories of Products, Materials, Supplies

  • Invoices to Customers

  • Notes Receivable Ledgers, Schedules

  • Payroll Records and Summaries, including payment to pensioners

  • Plant Cost Ledgers

  • Purchasing Department Copies of Purchase Orders

  • Records related to net operating losses (NOL's)

  • Sales Records

  • Subsidiary Ledgers

  • Time Books

  • Travel and Entertainment Records

  • Vouchers for Payments to Vendors, Employees, etc.

  • Voucher Register, Schedules

Years

  • Supporting Documents For Tax Returns

  • Accident Reports and Claims

  • Medical Bills (if tax-related)

  • Sales Receipts

  • Wage Garnishments

  • Other Tax-Related Bills

Years

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.

  • Audit Reports from CPAs/Accountants

  • Cancelled Checks for Important Payments (especially tax payments)

  • Cash Books, Charts of Accounts

  • Contracts, Leases Currently in Effect

  • Corporate Documents (incorporation, charter, by-laws, etc.)

  • Documents substantiating fixed asset additions

  • Deeds

  • Depreciation Schedules

  • Financial Statements (Year End)

  • General and Private Ledgers, Year End Trial Balances

  • Insurance Records, Current Accident Reports, Claims, Policies

  • Investment Trade Confirmations

  • IRS Revenue Agent Reports

  • Journals

  • Legal Records, Correspondence and Other Important Matters

  • Minutes Books of Directors and Stockholders

  • Mortgages, Bills of Sale

  • Property Appraisals by Outside Appraisers

  • Property Records

  • Retirement and Pension Records

  • Tax Returns and Worksheets

  • Trademark and Patent Registrations

Forever

  • CPA Audit Reports

  • Legal Records

  • Important Correspondence

  • Income Tax Returns

  • Income Tax Payment Checks

  • Property Records / Improvement Receipts (or six years after property sold)

  • Investment Trade Confirmations

  • Retirement and Pension Records (Forms 5448, 1099-R and 8606 until all distributions are made from your IRA or other qualified plan)

Special Circumstances

  • Car Records (keep until the car is sold)

  • Credit Card Receipts (keep until verified on your statement)

  • Insurance Policies (keep for the life of the policy)

  • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)

  • Pay Stubs (keep until reconciled with your W-2)

  • Sales Receipts (keep for life of the warranty)

  • Stock and Bond Records (keep for 6 years beyond selling)

  • Warranties and Instructions (keep for the life of the product)

  • Other Bills (keep until payment is verified on the next bill)

  • Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

  • PARKVIEW TERRACE ACCOUNTING

    PARKVIEW TERRACE TAX

     

    Tel: 718-439-4283

    Fax: 718-439-4291
    Email: Alice@pvttaxaccounting.com

              
    Address​​​​​​: 6324 5th Ave

                  Brooklyn, NY. 11220

    OFFICE HOURS

    MONDAY- FRIDAY 10AM-6PM

    TAX SEASON HOURS

    MONDAY- SATURDAYS 10AM-6PM

    NORTHERN LIGHTS BUILDING 

    MANAGEMENT SERVICES

     

    Tel: 718-748-5959

    Fax: 718-748-5549

    Email: Christina@pvttaxaccounting.com

             northernlightsbldgmgmt@gmail.com

    Address​​​​​​: 8416 13th Ave

                 Brooklyn, NY 11228

    OFFICE HOURS

    MONDAY- FRIDAY 10AM-6PM

    TAX SEASON HOURS

    MONDAY- FRIDAY 10AM-6PM

    SATURDAYS 10AM-2PM

    Contact Us
    Socialize With Us
    • LinkedIn
    • Instagram
    • Facebook
    • Twitter
    • LinkedIn
    • Instagram
    • Facebook
    • Twitter