Recommended Record-Retention Schedules* …

1 Recommended Record-Retention Schedules* (Business)Type of RecordRetention PeriodACCOUNTINGA udit reportsIndefinitely, 7 years after liquidation of entityBank reconciliations7 YearsBank statements and deposit slips7 yearsCash booksIndefinitely, 7 years after liquidation of entityCharts of AccountsIndefinitely, 7 years after liquidation of entityChecks - Cancelled-Payroll-General8 yearsDepreciation schedulesTax life of asset, plus 3 yearsEmployee expense reports6 yearsFinancial StatementsIndefinitely, 7 years after liquidation of entityFixed Assets DetailIndefinitely 7 years after liquidation of entityGeneral ledger and journalsIndefinitely, 7 years after liquidation of entityOther records relating to revenue6 yearsOther capital asset recordsTax life of asset, plus 3 yearsOther records relating to expenses3 yearsPaid vendor invoices3 yearsSales records and journals6 yearsSales tax returns (Florida)

2 Indefinitely, 7 years after liquidation of entityTrial Balances - Monthly6 yearsTravel and entertainment expense records6 yearsCORPORATEBy-laws, corporate minutes and stock recordsIndefinitely, 7 years after liquidation of entityChecks- taxes, property, settlementof important contractsIndefinitely, 7 years after liquidation of entityCompany policy & practice manualsIndefinitely, 7 years after liquidation of entityContracts and leasesIndefinitely, 7 years after liquidation of entityCopies of tax returns and working papersIndefinitely, 7 years after liquidation of entityCopyrights and trademark registrationsIndefinitelyDeeds and easementsIndefinitelyLabor contractsIndefinitely, 7 years after liquidation of entityMortgage, notes and lease - Expired8 yearsRetirement and pension recordsIndefinitelyPartnership agreement and amendmentsPermanentlyOperating agreement andamendments (LLC)

3 PermanentlyReal estate recordsIndefinitely, 7 years after liquidation of entityCORRESPONDENCEG eneral2 yearsLicense, traffic & purchase7 yearsTax/legal correspondenceIndefinitely, 7 years after liquidation of entityINSURANCEA ccident reports6 yearsClaims - after settlement10 yearsFire inspection reports7 yearsGroup disability reports8 yearsPolicies -all types- including expiredIndefinitelySafety reports8 yearsPERSONNELC ontracts - Expired7 yearsDaily time reports7 yearsDisability and sick benefit records7 yearsEmployment applications3 yearsEmployee tip substantiation3 years, or as long as it is material in the administration of records and tax returns7 yearsPersonnel files - Terminated7 yearsWithholding tax statements6 years* Recommended document retention periods are based on federal and Florida requirements.

4 You should keep allrecords for as long as you need the appropriate documentation. It may be necessary to retain some records longerbecause of nontax reasons. Insurance policies, leases, real estate closing statements and employee payroll recordsmight need to be kept longer than needed for IRS purposes. All records related to a return should be kept for atleast six years if there is any concern the IRS could show a significant understatement of gross income on thereturn. For more information see IRS publication 552, Publication Number 583 and Publication Number 463 For 1040 Clients:Regarding the question of records to be retained for Internal Revenue Service (IRS) purposes, IRS suggests thefollowing:1.

5 Keep tax returns The IRS statute of limitations can vary, however, assuming all returns have been timely filed,the 3 year statute of limitations applies. I would suggest, at a minimum, keeping allrecords for4 years plus the current year. In the future, you can consider dropping the oldest year each Keep all records that support assets you currently own in case they are disposed of in the records include, but not limited to, invoices, cancelled checks and possible bankstatements if it supports what took Medical expenses - See #2 Donations - See #2 Insurance policies - Definitely keep the original policy and at least the last annual statement.

6 Iprefer that you keep all annual IRA s/other statements - See #2 above plus original certificates at a All records related to your home including major improvements should be All records related to any other real estate should be related to utility bills, personal purchases, etc. that will not involve charitable gifts in the futurecan be destroyed. Bank statements that do notsupport the areas described above can be destroyed. Anythingelse that I did not describe above should be able to be destruction of records, such as medical records, may be able to be done for IRS purposes, but you mayneed them for medical reasons.

7 Please be sure to think about the other reasons records may be needed beforethey are , these guidelines may still have qualifiers attached, so if you have questions please copies of files that we have prepared for you are held for five years. We retain the right to purge thesefiles after this five year period without notification. In the event you need any file information we may have,please contact us and we will be glad to assist you any way we can. We may expect to receive compensationfor time required to comply with your request.