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Financial Record Storage

03 Jun 2020 5:59 PM | Cordina Charvis (Administrator)

Use this checklist to ensure that you're saving the right financial records for tax purposes and keeping them for an appropriate amount of time. The following financial documents must be kept indefinitely:

  • Income tax reports, protests, court briefs, appeal
  • Annual financial statements
  • Income tax payment checks
  • Documents substantiating fixed-asset additions, depreciation policies and salvage values
  • Corporate documents, including certificates of incorporation, corporate charter, constitution and bylaws, stock, stock transfer records, minute books, retirement and pension records, labor contracts and license, patent, trademark registration and applications 

The following documents must be kept for 3-6 years

  • Sub-ledger – 3 years
  • Cancelled, payroll and dividend checks – 6 years
  • Bank reconciliations, voided checks, check stubs and register tapes – 6 years
  • Sales records such as invoices and monthly statements – 6 years’
  • Personnel and payroll records, such as payments and reports to taxing authorities, including federal income withholding, FICA contributions, unemployment taxes and workers’ compensation insurance – 6 years
  • You will need to keep your self-employed records for five years and LLC or partnership records for six years after the latest date your tax return is due.

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