Suggested IRS Records Retention Schedule

The retention period is the number of years from the date the tax return was filed. All material presented is for general information only and should not be acted upon without professional legal assistance.

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Accident reports/claims (settled cases)	7 years
Accounts payable ledgers & schedules	7 years
Accounts receivable ledgers & schedules	7 years
Audit reports	Permanently
Bank reconciliations	2 years
Bank statements	3 years
Capital stock & bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc	Permanently
Cash books	Permanently
Charts of accounts	Permanently
Checks (canceled - see exception below)	7 years
Checks (canceled for important payments ie, taxes, purchases of property, special contracts, etc Checks should be filed with the papers pertaining to the underlying transaction)	Permanently
Contracts, mortgages, notes, & leases (expired)	7 years
Contracts, mortgages, notes, & leases (still in effect)	Permanently
Correspondence (general)	2 years
Correspondence (legal & important matters only)	Permanently
Correspondence (routine) with customers and/or vendors	2 years
Deeds, mortgages, & bills of sale	Permanently
Depreciation schedules	Permanently
Duplicate deposit slips	2 years
Employment applications	3 years
Expense analyses/expense distribution schedules	7 years
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
Internal audit reports (longer retention periods may be desirable)	3 years
Internal reports (miscellaneous)	3 years
Inventories of products, materials, and supplies	7 years
Invoices (to customers, from vendors)	7 years
Journals	Permanently
Minute books of directors, stockholders, bylaws, and charter	Permanently
Notes receivable ledgers & schedules	7 years
Option records (expired)	7 years
Patents & related papers	Permanently
Payroll records & 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, & plans	Permanently
Purchase orders (except purchasing department copy)	1 years
Purchase orders (purchasing department copy)	7 years
Receiving sheets	1 years
Retirement & pension records	Permanently
Requisitions	1 years
Sales commission reports	3 years
Sales records	7 years
Scrap & salvage records (inventories, sales, etc)7 years
Stenographers' notebooks	1 years
Stocks & bonds certificates (canceled)	7 years
Stockroom withdrawal forms	1 years
Subsidiary ledgers	7 years
Tax returns & worksheets, revenue agents' reports, and other documents relating to determination of income tax liability	Permanently
Time books/cards	7 years
Trademark registrations and copyrights	Permanently
Training manuals	Permanently
Union agreements	Permanently
Voucher register & schedules	7 years
Vouchers for payments to vendors, employees, etc (includes allowances and reimbursement of employees, officers, etc, for travel and entertainment expenses)	7 years
Withholding tax statements	7 years

Source: americanbar.org

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