Shoemaker, CPA, PC

FOR INDIVIDUALS

Tax returns (uncomplicated) 7 years
Tax returns (all others) Permanent
W-2’s 7 years
1099’s 7 years
Cancelled checks for tax deductions 7 years
Bank statements 7 years
Charitable contribution documentation 7 years
Credit card statements 7 years
Other receipts 7 years
Year-end brokerage statements Ownership period 7 years
Home purchase documents Ownership period 7 years
Home improvement receipts and cancelled checks Ownership period 7 years
Retirement plan annual reports Permanent
IRA annual reports Permanent
IRA nondeductible contributions (Form 8606) Permanent
Divorce documents Permanent
Loans Term of loan 7 years
Estate planning documents Permanent

FOR BUSINESSES

ACCOUNTING RECORDS RETENTION PERIOD

Accounts Receivable/Payable 7 years
Audit reports Permanent
Chart of accounts Permanent
Depreciation schedules Permanent
Expense records 7 years
Financial statements (annual) Permanent
Fixed asset purchases Permanent
General ledger Permanent
Inventory records 7 years (permanent if LIFO system)
Loan payment schedules 7 years
Sales records 7 years
Tax returns Permanent

BANK RECORDS

Bank reconciliation’s 2 years
Bank statements 7 years
Cancelled checks 7 years (permanent for real estate purchases)

Electronic payment records 7 years

LLC, CORPORATE OR SOME PARTNERSHIP RECORDS

CORPORATE RECORDS

Board minutes Permanent
Bylaws Permanent
Business licenses Permanent
Contracts – major Permanent
Contracts – minor Life 4 years
Insurance policies Life 3 years (check with agent)
Leases/mortgages Permanent
Patents/trademarks Permanent
Shareholder records Permanent
Stock registers Permanent
Stock transactions Permanent

EMPLOYEE RECORDS

Benefit plans Permanent
Employee files (ex-employees) 7 years (or statute of limitations)
Employment applications 3 years
Employment taxes 7 years
Payroll records 7 years
Pension/profit sharing plans Permanent

REAL PROPERTY RECORDS

Construction records Permanent
Leasehold improvements Permanent
Lease payment records Life 4 years
Real estate purchases Permanent