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Record Retention Guide

Just how long you should keep records is partly a matter of judgement and a combination of state and federal statues of limitations.  Federal returns can be audited for up to three years after filing (six years if underreported income is involved), so all records substantiating tax deductions should be kept at least that long.

Here are recommended retention periods for various records:

Records
Retention Period
Cancelled checks
7 years
Credit card receipts 7 years
Paid invoices
7 years
Bank deposit slips
7 years
Bank statements
7 years
Tax returns (uncomplicated) 7 years
Tax returns (all others) Permanent
Employment tax returns
7 years
Expense records
7 years
Financial statements
Permanent
Contracts
Permanent
Minutes of meetings
Life of company plus 7 years
Corporate stock records
Permanent
Employee records
Period of employment plus 7 years
Depreciation schedules
Life of assets plus 7 years
Real estate records
Ownership period plus 7 years
Journal & general ledger
Life of business plus 7 years
Inventory records
7 years
Home purchase and improvement records
Ownership period plus 7 years
Investment records
Ownership period plus 7 years

Requirements for computer-maintained records are generally the same as for manually kept records.
 

Get In Touch

At Mosford, Barthel & Co., PLC., we've been serving the accounting needs of Monticello, MN and the surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.

Please fill out this form and let us know how we can be of service. We will happily offer you a FREE initial consultation to determine how we can best serve you.

Thank you for visiting. We look forward to working together!

Mosford, Barthel & Co., PLC.

305 Cedar Street, Suite 201,
Monticello, MN 55362
T:  (763)295-4800
F: (763)295-4804
E:  amoll@mbcocpa.com

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