Generally records such as tax returns and related documents should be kept for a minimum of 6 to 7 years.

Records pertaining to the purchase of a home or other such assets should be kept for a longer period. The Statute of Limitations is 3 years for Federal and
4 years for California returns returns or under certain circumstances, generally cases involving fraud, the Statute is 6 years.

However, if you fail to file a return, the Statute of Limitations never closes. The AICPA in conjunction with the Office of the Federal Register issued a checklist which may be used as a guide. However, in some cases your advisor should be consulted due to other legal considerations.


 
Accident Reports/Claims
(Settled Cases)		 7 Years
Accounts Payable Ledgers
And Schedules		 7 Years
Audit Reports PERMANENTLY
Bank Reconciliations 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 (Canceled) 7 Years
Checks:
(Canceled For Important Payments, I.E. Taxes, Purchase Of Property, Special Contracts, Etc. Checks Should Be Filled With The Papers Pertaining To The Underlying Transaction)		 PERMANENTLY
Contracts, Mortgages, Notes
And Leases:
(Expired)
(Still In Effect)		 7 Years
PERMANENTLY
Correspondence (General) 2 Years
Correspondence
(Legal And Important Matters)		 PERMANENTLY
Correspondence (Routine)
With Customers/Vendors		 2 Years
Deeds, Mortgages And Bills Of Sale PERMANENTLY
Depreciation Schedules PERMANENTLY
Duplicate Deposit Slips 3 Years
Employment Applications 3 Years
Expense Analysis / Expense Distribution Schedules / 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
Journals PERMANENTLY
Magnetic Tape And Tab Cards 1 Year
Minute Books Of Directors, Stockholders, Bylaws And Charter PERMANENTLY
Notes Receivable Ledgers
And Schedules		 7 Years
Options 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
(Purchase 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
Stenographer's Notebooks 1 Year
Stock And Bond Certificates (Canceled) 7 Years
Stockroom Withdrawal Form 1 Year
Subsidiary Ledgers 7 Years
Tax Returns And Worksheets, Revenue Agents' Reports And Other Documents Relation To Determination Of Income Of Income Tax Liability 7 Years
Time Books / Cards 7 Years
Trademark Registration 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 Reimbursements of Employees, Officers, etc. for Travel and Entertainment Expenses)		 7 Years
Withholding Tax Statements 7 Years
   
 
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