Phone Contact: 480-467-3300 | Servicing: Tempe-Chandler-Gilbert-Mesa-Phoenix
MG Peterson Consulting
Record Retention
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For Individuals


These Record Retention Guidelines provide a general guideline for the retention of many records, but the specific holding periods for any record retention policy should be given careful scrutiny by management and legal advisors in light of any pending investigators, regulated industry requirements or contract covenants.


BANK STATEMENTS ~ Three Years


CANCELED CHECKS ~ Three Years


CHARITABLE CONTRIBUTIONS ~ Keep with applicable tax return


CREDIT CARD PURCHASE RECEIPTS ~ Discard after purchase appears on credit card statement if not needed for warranties, merchandise returns or taxes. 


CREDIT CARD STATEMENTS ~ Discard after payment appears on credit card statement.


EMPLOYEE BUSINESS EXPENSE REPORTS ~ Keep with applicable tax return.


HEALTH INSURANCE POLICIES ~ Keep until policy expires, lapses or is replaced.


HOME AND PROPERTY INSURANCE ~ Keep until policy expires, lapses or is replaced.


INCOME TAX RETURNS ~ Permanently


INVESTMENT SALE & PURCHASE CONFIRMATION RECORDS ~ Discard sale confirmation records when the transactions are correctly reflected on the monthly statement.  Keep purchase confirmation records three to six years after the investment is sold as evidence of cost.


LIFE INSURANCE ~ Keep until there is no chance of reinstatement.  Discard premium receipts when notices reflect payment.


MEDICAL RECORDS ~ Permanently


MEDICAL EXPENSE RECORDS ~ Keep with applicable tax return if deducted.


MILITARY PAPERS ~ Permanently (may be required for possible veterans benefits)


INDIVIDUAL RETIREMENT ACCOUNT RECORDS ~ Permanently


RETIREMENT PLAN STATEMENTS ~ Three to six years.  Keep year-end statements permanently.


PASSPORTS ~ Keep until expiration.


PAY STUBS ~ One year.  Discard all but final, cumulative pay stubs for the year.


PERSONAL CERTIFICATES (Birth/Death, Marriage/Divorce, Religious ceremonies) ~ Permanently


REAL ESTATE DOCUMENTS ~ Keep three to six years after property has been disposed of and taxes have been paid.


RESIDENTIAL RECORDS (copies of purchase-related documents, annual mortgage statements, receipts for improvements and copies of rental leases/receipts) ~ Indefinitely


SOCIAL SECURITY STATEMENTS ~ Discard when current records of payments into the Social Security System are received.


WARRANTIES AND RECEIPTS ~ Discard expired warranties.  Use judgment when discarding receipts.


WILL ~ Keep current Will permanently.  Keep until rendered obsolete (by a new version).




For Businesses


These Record Retention Guidelines provide a general guideline for the retention of many records, but the specific holding periods for any record retention policy should be given careful scrutiny by management and legal advisors in light of any pending investigations, regulated industry requirements or contract covenants.  In addition to these general guidelines, each business should consider any industry standards which may affect the holding period of records due to the unusual legal circumstances.


ACCOUNTING RECORDS


AUDITOR'S REPORT & ANNUAL FINANCIAL STATEMENTS ~ Permanently


BANK STATEMENTS AND DEPOSIT SLIPS ~ 7 years


CANCELED CHECKS:

     -FIXED ASSETS ~ Permanently

     -GENERAL ~ 7 years

     -PAYROLL ~ 7 years

     -TAXES (payroll related) ~ 7 years

     -TAXES (income) ~ Permanently


CASH DISBURSEMENTS JOURNAL ~ Permanently


CASH RECEIPTS JOURNAL ~ Permanently


CHART OF ACCOUNTS ~ Permanently


CORRESPONDENCE (general) ~ 2 years


CORRESPONDENCE (routine) WITH CUSTOMERS AND/OR VENDORS ~ 2 years


DEEDS, MORTGAGES, BILLS OF SALE ~ 2 years


ELECTRONIC PAYMENT RECORDS ~ 7 years


EMPLOYEE EXPENSE RECORDS ~ 7 years


FIXED ASSET RECORDS (invoices, canceled checks, depreciation schedules) ~ Permanently


FREIGHT BILLS AND BILLS OF LADING ~ 7 years


GENERAL JOURNAL ~ Permanently


GENERAL LEDGER ~ Permanently


INTERNAL REPORTS (miscellaneous) ~ 3 years


INVENTORY LISTINGS AND TAGS ~ 7 years


INVOICES: SALES TO CUSTOMERS/ CREDIT MEMOS ~ 7 years


NOTES RECEIVABLE LEDGERS AND SCHEDULES ~ 8 years


NOTES PAYABLE LEDGERS AND SCHEDULES ~ Permanently


PATENT/TRADEMARK AND RELATED PAPERS ~ Permanently


PAYROLL JOURNAL ~ 7 years


PETTY CASH VOUCHERS ~ 7 years


PLANT COST VOUCHERS ~ 7 years


PRODUCTION AND SALES REPORTS ~ 7 years


PURCHASES ~ 7 years


PURCHASE JOURNAL ~ Permanently


PURCHASE ORDERS ~ 7 years


RECEIVING SHEETS ~ 1 year


REQUISITIONS ~ 1 year


SALES COMMISSION REPORTS ~ 3 years


SALES OR WORK ORDERS ~ 7 years


SCRAP AND SALVAGE RECORDS (inventories, sales, etc.) ~ 7 years


STOCKROOM WITHDRAWAL FORMS ~ 1 year


SUBSIDIARY LEDGERS (accounts receivable, accounts payable, equipment) ~ 7 years


TIME CARDS AND DAILY TIME REPORTS ~ 7 years


TRAINING MANUALS ~ Permanently


TRIAL BALANCE - YEAR END ~ Permanently


VOUCHERS FOR PAYMENTS TO VENDORS, EMPLOYEES, ETC. (includes allowances and

reimbursement of employees, officers, etc., for travel and entertainment expenses) ~ 7 years



INSURANCE RECORDS


ACCIDENT REPORTS AND SETTLED CLAIMS ~ 7 years after settlement


FIRE INSPECTION AND SAFETY REPORTS ~ 6 years


INSURANCE POLICIES (still in effect) ~ Permanently


INSURANCE POLICIES (expired) ~ 7 years



LEGAL DOCUMENTS


ARTICLES OF INCORPORATION AND BYLAWS ~ Permanently


BUY-SELL AGREEMENTS ~ Permanently


CAPITOL STOCK AND BOND RECORDS: LEDGERS, TRANSFER REGISTERS, STUBS

SHOWING OPTIONS, ETC. ~ Permanently


CONTRACTS AND LEASES (still in effect) ~ Permanently


CONTRACTS AND LEASES (expired) ~ 7 years


EMPLOYMENT AGREEMENTS ~ 7 years


LEGAL CORRESPONDENCE ~ Permanently


MINUTES ~ Permanently


OPTION RECORDS (expired) ~ 7 years


PARTNERSHIP AGREEMENTS ~ Permanently


PROPERTY APPRAISALS BY OUTSIDE APPRAISERS ~ Permanently


STOCK CERTIFICATES AND LEDGERS ~ Permanently



TAX RECORDS


IRS OR STATE ADJUSTMENTS ~ Permanently


PAYROLL TAX RETURNS ~ 7 years


PROPERTY RECORDS, INCLUDING COSTS, DEPRECIATION RESERVES, YEAR-END

TRIAL BALANCES, DEPRECIATION SCHEDULES, BLUEPRINTS AND PLANS ~ Permanently


SALES AND USE TAX RETURNS ~ Permanently


TAX RETURNS AND WORK SHEETS, REVENUE AGENTS' REPORTS, AND OTHER

DOCUMENTS RELATING TO DETERMINATION OF INCOME TAX LIABILITY, CANCELED

CHECKS FOR TAX PAYMENTS ~ Permanently



PERSONNEL RECORDS


CHILD LABOR CERTIFICATES AND NOTICES ~ 3 years


EMPLOYMENT APPLICATION (from date of termination) ~ 3 years


EMPLOYMENT ELIGIBILITY VERIFICATION (I-9 form) (from date of termination) ~ 3 years


GARNISHMENTS ~ 7 years


HELP WANTED ADS AND JOB OPENING NOTICES ~ 2 years


PERSONNEL FILES (from date of termination) ~ 7 years


RECORDS OF JOB INJURIES CAUSING LOSS OF WORK ~ 5 years


SAFETY: CHEMICAL AND TOXIC EXPOSURE RECORDS ~ 30 years


UNION AGREEMENTS AND INDIVIDUAL EMPLOYEE CONTRACTS (from date of termination)

~ 3 years


WITHHOLDING STATEMENTS ~ 7 years



EMPLOYEE BENEFIT PLAN RECORDS


ACTUARIAL REPORTS ~ Permanently


ALLOCATION AND COMPLIANCE TESTING ~ 7 years


BROKERAGE/ TRUSTEE STATEMENTS SUPPORTING INVESTMENTS ~ 7 years


FINANCIAL STATEMENTS ~ Permanently


GENERAL LEDGER AND JOURNALS ~ Permanently


INFORMATION RETURNS (form 5500) ~ Permanently


INTERNAL REVENUE SERVICE/ DEPARTMENT OF LABOR CORRESPONDENCE ~  Permanently


PARTICIPANT COMMUNCIATION RELATED TO DISTRIBUTIONS, TERMINATIONS,

BENEFICIARIES ~ 7 years


PLAN AND TRUST AGREEMENTS ~ Permanently




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