Record Retention Guidelines
By: Gardiner Thomsen CPAs | email
Periodically we receive inquiries regarding how long you should keep old records. In general, record retention periods are the same for electronic records and their hard copy counterparts.
Different types of records need to be retained for different time periods depending on laws, IRS and other government or third party requirements.
These guidelines are merely suggestions for determining retention periods and have been prepared from several sources, with particular attention given to IRS regulations regarding tax return limitations. The general rule under those regulations requires you to keep your records for as long as the information is necessary to support the computation of any tax. In most cases, that time period is three years from the due date of the tax return for which the records relate.
In developing your record retention schedule, keep in mind these guidelines as well as other factors that may suggest longer retention periods, such as support for contract covenants, data needed for meeting regulated industry requirements, and information connected to pending or threatened litigation.
Again, this listing is not intended to be all inclusive for every type of record created and maintained in the operation of your business and is only to be used as a general guideline. Please contact us for additional information and assistance in developing your own specific record retention policy.
