It’s spring, and that means it’s time for some spring cleaning. It’s important that you take some time to be sure your records are in good order. You can discard some documents, but be sure to retain ones that are needed. Here are some recommendations from the Internal Revenue Service for different types of records and their retention periods:
- Accident reports/claims – 7 years
- Accounts payable/receivable ledgers and schedules – 7 years
- Audit reports – Permanently
- Bank Reconciliations – 2 years
- Bank Statements – 3 years
- Depreciation Schedules – Permanently
- Employment Applications – 3 years
- Garnishments – 7 years
- Invoices (to customers, from vendors) – 7 years
- Payroll records and summaries – 7 years
- Property appraisals by outside appraisers – Permanently
- Sales records – 7 years
- Tax returns – Permanently
- Training manuals – Permanently
- Withholding tax statements – 7 years
For a more complete list of document retention recommendations go to the IRS website. When records have met their specified retention period and need to be destroyed call Access Records Management at 816-331-7200 for secure document shredding in the Kansas City area.
