Bussiness Retention Schedule
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BUSINESS RECORDS RETENTION SCHEDULE Internal Revenue Code Section 6001
Business records retention is required by the Internal Revenue Code, Employee Retirement Income Security Act and Uniform Commercial Code. The following business record retention schedule considers those laws. Record retention is further governed by the particular requirements of each individual business and any special regulatory agencies to which it is accountable. Accordingly, this schedule should be used as a guide, modified as necessary to meet your specific needs. However, any contemplated deletions in the permanent or six to seven years categories should be discussed in advance with your CPA.
PERMANENT RECORDS
Audit reports of CPAs Cancelled checks for important payments, i.e., taxes, purchases of property, special contracts, etc. (checks should be filed with the papers pertaining to the underlying transaction) Capital stock and bond records: ledger, transfer registers, stubs showing issues, record of interest coupons, options, etc. Cash books Chart of Accounts Correspondence (legal and important matters only) Deeds, mortgages, and bills of sales, as well as contracts and leases still in effect Financial statements-end of year (other months optional) General and private ledgers Insurance records, current accident reports, claims policies Journals Minute books of directors and stockholders, including by-laws and charter Property appraisals by outside appraisers Property records-including costs, depreciation reserves, and end-of-year trial balances, depreciation schedules, blueprints and plans Tabulating records related to above areas Tax returns and worksheets, Revenue Agents’ Reports and other documents relating to determination of income tax liability Trademark registrations
over ...
SIX TO SEVEN YEARS
Accident reports and claims (settled cases) Accounts payable (see Voucher Register) Accounts receivable ledgers and trial balances Cancelled checks (see exception under...
Business records retention is required by the Internal Revenue Code, Employee Retirement Income Security Act and Uniform Commercial Code. The following business record retention schedule considers those laws. Record retention is further governed by the particular requirements of each individual business and any special regulatory agencies to which it is accountable. Accordingly, this schedule should be used as a guide, modified as necessary to meet your specific needs. However, any contemplated deletions in the permanent or six to seven years categories should be discussed in advance with your CPA.
PERMANENT RECORDS
Audit reports of CPAs Cancelled checks for important payments, i.e., taxes, purchases of property, special contracts, etc. (checks should be filed with the papers pertaining to the underlying transaction) Capital stock and bond records: ledger, transfer registers, stubs showing issues, record of interest coupons, options, etc. Cash books Chart of Accounts Correspondence (legal and important matters only) Deeds, mortgages, and bills of sales, as well as contracts and leases still in effect Financial statements-end of year (other months optional) General and private ledgers Insurance records, current accident reports, claims policies Journals Minute books of directors and stockholders, including by-laws and charter Property appraisals by outside appraisers Property records-including costs, depreciation reserves, and end-of-year trial balances, depreciation schedules, blueprints and plans Tabulating records related to above areas Tax returns and worksheets, Revenue Agents’ Reports and other documents relating to determination of income tax liability Trademark registrations
over ...
SIX TO SEVEN YEARS
Accident reports and claims (settled cases) Accounts payable (see Voucher Register) Accounts receivable ledgers and trial balances Cancelled checks (see exception under...