Retention Guide

Accounting Records:

General Ledger and Financial Statements (year-end) ……………………………………………………. Permanently

Interim Financial Statements …………………………..…………………………………………………………………………….……1 Year

Cash receipts/disbursement journals…………….…………………..…………………………………………………………..7 Years

A/R Ledgers…………..………………………………………………………………………………………………7 Years (after filed return)

A/P Ledgers……………………………………………………………………………………………………………7 Years (after filed return)

Payroll Records…………………….…………………………………………………………………………………………………………………7 Years

Billing Files………………………………..……………………………………………………………………………………………………..………7 Years

Expense Reports..……………….………………………………………………………………………………………………………..…………7 Years

Time Sheets………………………………………………………………………………………………………..……………………………………7 Years

Bank Statements………………………..……………………………………………………………………………………………………………7 Years

Administrative Records:

Partnership or corporate records…………………………………………………………………………….……………….Permanently

Leases and contracts………..……………………………………………………………..……………………7 Years (after expiration)

Insurance Documents…………………………………………………………………………………..……….7 Years (after expiration)

Tax Returns………………………….………………………………………………………………………………………………….………………..7 Years

Retirement Plan Documents…………………….……………………….……………………………………….………………Permanently

Personnel Records (non-employee):

Applications, Resumes…………………..……………………………………………………….………………3 Years (after response)

Personnel Records (employees):

Applications, resumes…………………………………………………………………………………………7 Years (after termination)

Performance evaluations…………………………………………………….……………………..………7 Years (after termination)

Employment contracts…………..…………………………………………………………….………………7 Years (after termination)

DHS I-9 forms…………………………………………………………………………………………………..……7 Years (after termination)

Salary information……………………………………………..…………………………………………………7 Years (after termination)

Injury incident reports………………….…………………………………………………..…………………7 Years (after termination)

Correspondence Files:……………………………………………………………………..…………………………………….……………..3 Years

Tax returns……………………………………………………………………………………………………………………………………………….7 Years

Medical bills……………………………………………………………………..………………………………………………………………..……7 Years

Forms 1099 received……………………………………………………………………………………………………………….…………….7 Years

Forms W-2 received…………………………………………………………….………………………………………………………..……….7 Years

Retirement account statements………………………………………………….………………………………………………………7 Years

Loan records………………………..………………………………………………………………….……………………..7 Years (after payoff)

Insurance policies…………………………………..…………………………………………………………….7 Years (after expiration)

Year-end brokerage statements………………………………………………..………………………………………………..……..7 Years

CD statements………………………………………………………….……………………………………………..….7 Years (after maturity)

Schedule K-1’s………………………….………………………………………………………………………………………………………….….7 Years

House records…………………………………………………………………………………………………………………………….……Permanent

Birth/Death certificates…………………….…………………………………………………………………………………..……….Permanent

Marriage certificates…………………………………………………………….………………………………………………………..Permanent

Medical records………………………………………………..…………….…………………………………………………………….…Permanent

Wills……………………………………………………………………………………………………..……………………………………….……..Permanent

Trust agreements…………………………………………………………………………………………………….……………………….Permanent

Detailed list of financial assets held……………………………………………………………………………….…………..Permanent

Alimony, custody or prenuptial agreements………………..……………………………………………….…………..Permanent

Military papers………………………………………………………………………………………………………….……………………..Permanent

Photos/video of valuables…………………………………………………………………………..………..Permanent while owned

Note:  Documents establishing basis of trade, business or investment assets, or taxpayer’s principal residence should be retained for seven years beyond the date of the filing of the tax return for the year in which the asset was disposed.