Record Retention Chart
Articles of Incorporation | Indefinitely |
Minutes of the Board of Directors | Indefinitely |
Financial Statements | Indefinitely |
Federal and State Income Tax Returns | Indefinitely |
941’s | Indefinitely |
Sales and Use Tax Reports | Indefinitely |
IRS Determination Letters | Indefinitely |
Form 5500 Reports | Indefinitely |
Sales Invoices | 8 Years* |
Purchase Invoices – LIFO | Indefinitely |
Purchase Invoices – Others | 8 Years |
Buy – Sell Agreements | Indefinitely |
Notes Receivable | 8 Years |
Notes Payable | 8 Years |
Bank Statements/Checks | 8 Years** |
Leases | 8 Years |
W-2’s | Indefinitely |
W-4’s | Indefinitely |
*8 years pertains to non-calendar year-ends. Otherwise, 7 years is sufficient for calendar year-end entities **Longer if you wish |
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