The following retention periods shown are not offered as final authority, but as guidelines against which to check your company needs.
Statutes of limitations for your State, as well as regulations of government agencies pertaining to your business must be considered. Because state retention statutes vary widely on tax, unemployment, and worker’s compensation records, check with your regional tax authorities for details.
A final precautionary step is to have your CPA or attorney approve your records retention timetable in its final form. Also, there may be very good reasons to keep records longer than legally required, for historical reference purposes. American Document Services can set up a custom retention schedule based on your needs.