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Tax Records Retention Schedule

Accident reports/claims (settled cases)

7 years

Accounts payable ledgers and schedules

7 years

Accounts receivable ledgers and schedules

7 years

Audit reports

Permanently

Bank reconciliation

2 years

Bank statements

3 years

Capital stock and bond records: ledgers transfer registers, stubs showing issues, record of interest coupons, options, etc.

Permanently

 

Cash books

Permanently

Charts of accounts

Permanently

Checks (cancelled - see exemption below)

7 years

Checks (cancelled for important payments, i.e. taxes, purchases of property, special contracts, special contracts, etc. Checks should be filed with the papers pertaining to the underlying transaction.)

Permanently

Contracts, mortgages, notes, and leases (expired)

7 years (still in effect) Permanently

Correspondence (general)

2 years

Correspondence (legal and important matters only)

Permanently

Correspondence (routine) with customers and/or vendors

2 years

Deeds, mortgages, and bills of sale

Permanently

Depreciation schedules

Permanently

Duplicate deposit slips

2 years

Employment applications

3 years

Expense analyses/expense distribution schedules

7 years

Financial statements (year-end, other optional)

Permanently

Garnishments

7 years

General/private ledgers, year-end trial balance

Permanently

Insurance policies (expired)

3 years

Insurance records, current accident reports, claims, policies, etc.

Permanently

Internal audit reports (longer retention periods may be desirable)

3 years

Internal reports (miscellaneous)

3 years

Inventories of products, materials, and supplies

7 years

Invoices (to customers, from vendors)

7 years

Journals

Permanently

Magnetic tape and tab cards

1 year

Minute books of directors, stockholders, by-laws and charter

Permanently

Notes receivable ledgers and schedules

7 years

Option records (expired)

7 years

Patents and related papers

Permanently

Payroll records and summaries

7 years

Personnel files (terminated)

7 years

Petty cash vouchers

3 years

Physical inventory tags

3 years

Plant cost ledgers

7 years

Property appraisals by outside appraisers

Permanently

Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules, blueprints, and plans

Permanently

Purchase orders (except purchasing department copy)

1 year

Purchase orders (purchasing department copy)

7 years

Receiving sheets

1 year

Retirement and pension records

Permanently

Requisitions

1 year

Sales commission reports

3 years

Sales records

7 years

Scrap and salvage records (inventories, sales, etc.)

7 years

Stenographers' notebooks

1 year

Stock and bond certificates (canceled)

7 years

Stockroom withdrawal forms

1 year

Subsidiary ledgers

7 years

Tax returns and worksheets, revenue agents' reports, and other documents relating to determination of income tax liability

Permanently

Time books/cards

7 years

Trademark registrations and copyrights

Permanently

Training manuals

Permanently

Union agreements

Permanently

Voucher register and schedules

7 years

Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc., for travel and entertainment expenses)

7 years

Withholding tax statements

7 years

 

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