Guidelines and Resources
Suggested Record Retention Guidelines For Individuals
|
Record
|
Retention
Period
|
| Tax returns |
Permanent |
| Forms W-2 |
7 years |
| Forms 1099 |
7 years |
| Cancelled checks supporting
tax deductions |
7 years |
| Bank deposit slips |
7 years |
| Bank statements |
7 years |
| Charitable contribution
documentation |
7 years |
| Credit card statements |
7 years |
| Receipts, diaries, logs
pertaining to tax return |
7 years |
| Investment purchase and
sales slips |
Ownership period + 7 years |
| Dividend reinvestment records |
Ownership period + 7 years |
| Year-end brokerage statements |
Ownership period + 7 years |
| Mutual fund annual statements |
Ownership period + 7 years |
| Investment property purchase
documents |
Ownership period + 7 years |
| Home purchase documents |
Ownership period + 7 years |
| Home improvement receipts
and cancelled checks |
Ownership period + 7 years |
| Home repair receipts and
cancelled checks |
Warranty period for item |
| 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 |
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Suggested Record Retention Guidelines for Companies
|
Accounting
Records
|
Retention
Period
|
| Accounts Payable |
7 years |
| Accounts receivable |
7 years |
| Audit reports |
Permanent |
| Chart of accounts |
Permanent |
| Depreciation schedules |
Permanent |
| Expense report |
7 years |
| Financial statements (annual) |
Permanent |
| Fixed asset purchases |
Permanent |
| General ledger |
Permanent |
| Inventory records |
7 years (Permanent for
LIFO system) |
| Loan payment schedules |
7 years |
| Purchase orders |
7 years |
| Sales records |
7 years |
| Tax returns |
Permanent |
|
Bank Records
|
Retention
Period
|
| Bank reconciliation's |
7 years |
| Bank statements |
7 years |
| Cancelled checks |
7 years (Permanent for
real estate purchases) |
| Electronic payment records |
7 years |
|
Corporate
Records
|
Retention
Period
|
| Board minutes |
Permanent |
| Bylaws |
Permanent |
| Business licenses |
Permanent |
| Contracts-major |
Permanent |
| Contracts-minor |
Life + 7 years |
| Insurance policies |
(Check with your agent) |
| Leases/mortgages |
Permanent |
| Patents/trademarks |
Permanent |
| Shareholder records |
Permanent |
| Stock registers |
Permanent |
| Stock transactions |
Permanent |
|
Employee Records
|
Retention
Period
|
| Benefit plans |
Permanent |
| Employee files (ex-employees) |
7 years |
| Employment applications |
3 years |
| Employment taxes |
7 years |
| Payroll records |
7 years |
| Pension/profit sharing
plans |
Permanent |
|
Real Property
Records
|
Retention
Period
|
| Construction records |
Permanent |
| Leasehold improvements |
Permanent |
| Lease payment records |
Life + 7 years |
| Real estate purchases |
Permanent |
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Our Top Web Sites
Visitors to www.sagacpa.com may find the accounting-related Web
sites listed below useful. Please note that individual tax and accounting
situations are unique. To ensure accuracy, please consult with our
office prior to applying tax and accounting information you find
online.
Federal Tax Information
Internal Revenue Service
Internal
Revenue Service is the general introductory site for the Treasury.
Useful for news and updates, but not for in-depth materials.
Forms and Publications
The
IRS Forms and Publications website is good for particular
federal tax forms and IRS publications. Forms come in a
variety of formats (i.e., PDF, PCL, Postscript, etc.), so choose
the format that best suits your computer system.
Massachusetts State Tax Information
Mass.
Department of Revenue website has a variety of information
for individuals, families and business including online services,
links to information and forms.
Forms and Publications
Massachusetts
tax forms and publications may be found within this area of
the Mass. Department of Revenue Web Site.
Massachusetts
Society of Certified Public Accountants has a web site that
provides consumers access to state and federal tax forms.
Updates on Your Tax Payment Information
Tax Payment Information page found within the Mass Department
of Revenue website provides information on a taxpayers estimated
payments .
A
set of calendars for the year that includes quarterly listings
of individual and corporate tax return and payment due dates.
Foreign Exchange Rates
OANDA has an active site on foreign exchange rates. You'll
find a powerful currency converter (see the Quick Converter in the
upper left hand corner) as well as daily currency exchange rates
and foreign exchange tables for businesses, investors, and travelers.
Currenex is the first operational online global currency exchange.
It's designed for online trading for large accounts and is open
to all institutional buyers and sellers worldwide.
Tax and Accounting Sites
Directory of Sites
Taxsites.com is a comprehensive index of web-based tax and accounting resources.
An excellent starting point if you're searching online for tax and
accounting information. You'll find listings of sites devoted
to federal, state and local tax laws, forms and publications, international
tax issues, tax-preparation software, and tax updates.
Sisterstates.com is a list of tax information available by state.
Financial Accounting Standards Board
FASB.org
contains papers and announcements on the latest changes in accounting
standards and rules. An excellent source for background on
interpretations of tax and accounting regulations.
Tax and Accounting Professional Associations
The following association sites provide noteworthy consumer information
as well as press releases on late-breaking tax and accounting
news that may be of interest.
American Institute of Certified Public Accountants
Massachusetts Society of Certified Public Accountants
Other
Savingforcollege.com is a summary of college savings plans offered by various states.
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