GOMOLA & DIBELLA -- Records Retention Checklist

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Important Notice

Brian DiBella has left the firm.

Gary Gomola and all of the other staff members
have merged with Mahoney, Sabol & Company

www.mahoneysabol.com

We are now located at 213 Court Street, Suite 204, Middletown CT 06457
Phone: 860-344-8883 Fax: 860-346-3057

Records Retention Guide

Records Retention.jpg (301865 bytes) Records Retention Overview - This record retention guide is designed to help you establish a system to weed out your old records. This guide is based on the needs of average businesses and individuals. If you are subject to the rules of special federal or state regulations you should refer to the specific requirements of that government agency.

If you have any questions about your records retention program we invite you to contact us. If you would like printed copies of this guide please contact us.

Explanations - The periods listed in this guide are the recommended minimums. IRS audits are usually initiated within three years after the filing date of income tax returns. However, they are entitled to audit a return within seven years when negligence is involved, and indefinitely in cases of fraud.

Periods marked with a + mean that you should keep them longer if you have the room. Perm. means the records should be kept permanently, or as long as you possibly can. Subject to the above IRS audit discussion, terminated and dissolved businesses (and records of deceased individuals) can be disposed of after seven years.

If possible be conservative. There is a risk any time you throw away a business record.

General Accounting & Tax Records	Years	Partnership/LLC's	Years
Accounts Payable	7	Partnership/Member Agreements	Perm.
Accounts Receivable	7	Organization Records	Perm
Annual Financial Statements	Perm.	Corporation
Bank Statements	7	Articles of Incorporation	Perm.
Bank Reconciliations	4	Board of Directors Minutes	Perm.
Cash Register Tapes	5	By Laws	Perm.
Check Registers	7+	Stock Certificate Records	Perm.
Canceled Checks (routine)	7	Shareholder Meeting Minutes	Perm.
Canceled Checks related to property and equipment acquisitions, payments of loans etc. (after disposition)	7	Payroll & Personnel
Correspondence - Customers and Vendors (routine)	7	Benefits	6
Correspondence - Legal	Perm.	Employment Applications Not Hired	3
Deeds and Closing Papers (after disposition)	7	Employment Applications Hired (after termination)	7
Deposit Slips	4	Employee Manuals & Policies (after replaced)	10
Depreciation Schedules	Perm.	Equal Opportunity Documents	3
Employee Expense Reports	4	Job Descriptions (after replaced)	10
Fixed Asset Acquisition Invoices (after disposal)	7	Personnel File/W-4's/I-9's (after termination)	7
Freight Bills	3	Performance Reviews (after termination)	5
General Ledgers	Perm.	Quarterly Payroll Tax Returns	5
Income Tax Returns	Perm.	Time Cards	5
Inventory Count & Costing Sheets	7	Union Records & Collective Bargaining Agreements (after non-current)	6
Insurance Policies (after expiration)	4	Worker's Compensation Documents	11
Investments (after disposal)	7	W-2's	7
Mortgages, Loans & Leases (fully paid)	7
Payroll Journals & Ledgers	7
Purchase Orders (except accounts payable copy)	1	Retirement Plans
Purchase Invoices & Orders	7	IRS Determination Letters	Perm.
Receiving Sheets	2	Forms 5500 & Related	10+
Sales Commission Reports	3	Plan Documents	Perm.
Sales Records	5	Legal
Sales Tax Returns & Exemption Support	5	Contracts (after expiration)	5
Subsidiary Ledgers	7	Patents & Copyrights	Perm.
Trial Balances	5	Safety
		Accident Reports & Claims (settled cases)	7
		OSHA Logs	5

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The information contained on this page is not intended as a substitute for legal, accounting or tax advice. You should seek professional advice on the particular issues which concern you.