Accounting and Finance Records | |
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Accounts Payable ledgers and schedules | 7 years |
Accounts Receivable ledgers and schedules | 7 years |
Annual Audit Records, including workpapers that relate to an audit | 7 years after completion of audit |
Annual Audit Reports and Financial Statements | Permanent |
Annual Budgets | Permanent |
Bank Statements and Canceled Checks | 7 years |
Cancelled checks for fixed assets | Permanent |
Chart of accounts | Permanent |
Depreciation schedules | Permanent |
Expense records | 7 years |
Fixed Asset (property basis) records | Permanent |
General Ledgers, general journals, chart of accounts, trial balances | 7 years |
Interim Financial Statements | 7 years |
Investment Records | 7 years after sale or maturity of investment |
Purchases | 7 years |
Vendors' invoices and paid bills | 7 years |
Continuing Education Records
7 years
Contracts | |
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Contracts and related correspondence | 15 years after expiration or termination |
Corporate Records | |
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Articles of Incorporation | Permanent |
Bylaws | Permanent |
Corporate Seals | Permanent |
Licenses and permits | Permanent |
Minutes of board, executive, or other committee meetings | Permanent |
Correspondence and Internal Memoranda | |
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Client newsletters & alerts | 7 years |
Correspondence or memos that pertain to a particular project | Keep with project files and take on retention time of project |
Correspondence or memos that pertain to routine matters | Until follow-up is completed |
Correspondence or memos that pertain to the record they support | Same as record |
Correspondence or memos that pertain to non-routine matters or having significant lasting consequences | Permanent or until statute of limitations runs |
Emails | Treat same as correspondence and internal memoranda |
Internal publications & promotional brochures | 7 years |
Training manuals | Permanent or until statue of limitations runs |
Insurance Records | |
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Accident reports and settled claims | Settlement date + 6 years |
Fire inspection and safety reports | 7 years |
Insurance policies (still in effect) | Permanent |
Insurance policies (expired) | 7 years |
Investments in Securities | |
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Purchase confirmations | Permanent for currently owned; 6 years after sale |
Reinvested Dividend information | Permanent for currently owned; 6 years after sale |
Sales Confirmations | 6 years after sale |
Legal Files and Papers | |
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Court Orders | Permanent |
Legal Memoranda and Opinions | Permanent |
Litigation files | Permanent |
Partnership or Shareholder Agreements | Permanent |
Patent/trademark records | Permanent |
Stock Certificates and ledgers | Permanent |
Payroll Documents | |
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Employee deduction authorizations | Termination + 7 years |
Employee time sheets | 7 years |
Garnishments, assignments, attachments | Termination + 7 years |
Payroll deductions | Termination + 7 years |
Payroll files and related reports | 7 years |
Payroll registers | Termination + 7 years |
W-2 or 1099 forms | 7 years |
W-4 forms | Termination + 7 years |
Pension Documents | |
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Annual Retirement and Pension Records | Permanent |
Personnel Records | |
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Employee expense reports | 7 years |
Employee personal records | Termination + 7 years |
Employment contracts | Termination + 7 years |
Employment Records - non-hired applications | 1 year |
Forms I-9 | Termination + 7 years |
Personnel Policies | Termination + 7 years |
Real Property Records - Currently Own | |
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Original purchase, sale, lease agreements | Permanent |
Property Deeds, assessments, licenses, rights of way | Permanent |
Property titles | Permanent |
Property Surveys | Permanent |
Mortgage and loan statements | Permanent |
Major capital improvement receipts | Permanent |
Property Insurance policies | Permanent |
Real Property Records - Sold | |
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Association Covenants | 6 years after sale of property |
Closing documents | 6 years after sale of property |
Form 1098 Mortgage Interest documents | 6 years after sale of property |
Form 1099-s proceeds from real estate transactions | 6 years after sale of property |
Home inspection records | 6 years after sale of property |
Proof of residency (utility bills, voter registration, etc.) | 6 years after sale of property |
Property tax records | 6 years after sale of property |
Receipts for minor improvements | 6 years after sale of property |
Tax Records | |
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Annual Information Returns | 7 years |
Depreciation schedules | Permanent |
Excise tax records | 7 years |
IRS or other Governmental Audit Records | Permanent |
IRS Rulings | Permanent |
Payroll tax records | 4 - 7 years |
Sales/Use Tax Records | 7 years |
Tax bills, receipts, statements | 7 years |
Tax exemption documents and related correspondence | Permanent |
Tax returns - income, franchise, property | Permanent |
Tax workpaper packages | 7 years |
Individual Records | |
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Alimony, Custody, Dependency, or Prenuptial Agreements | Permanent |
Annuity Year End Statements | 7 years |
ATM and deposit slips | Keep until reconciled on your bank statement |
Bank statements | 3 years |
Bills | Keep until payment verified on next bill |
Birth and Death Certificates | Permanent |
Cancelled checks | 3 years |
Car records | Keep until car sold |
Charitable contributions | Keep with applicable tax return - may discard after 4 years |
Credit card purchase receipts | Discard after purchase appears on credit statement or for warranty period, merchandise returns or taxes |
Credit card statements | 3 years |
Divorce decree or legal separation agreements | Permanent |
Documentation of cost or basis of property transferred by spouse during marriage or divorce | Permanent |
Estate settlement documents | Permanent |
Health Insurance Policies | Keep until policy expires, lapses, or is replaced |
Healthcare Proxies | Permanent |
Home and property insurance | Keep until policy expires, lapses, or is replaced |
House Records - purchase and/or improvements | Permanent - may discard 6 years after property is sold |
Individual Retirement Account records | Permanent |
Investment trade confirmations and statements that indicate buying and selling | Permanent - may discard three years after investment is sold |
IRA annual reports | Permanent |
Medical records | Permanent |
Passports | Until expired |
Pay stubs | 1 year - discard after compare to W-2 |
Powers of attorney | Permanent |
Tax documents received such as W-2s, 1099, | Keep with applicable tax return - may discard after 4 years |
Tax Returns | Permanent |
Trust Documents | Permanent |
Warranties | Keep for life of product or until warranty has clearly expired |
Wills and any amendments | Permanent |