Benchmark: Up to Your Eyeballs in Old Files?
If your company is buried in paper, you may wonder how long you have to keep old records. There's no easy answer, according to Donald S. Skupsky, author of Recordkeeping Requirements. Here are some general guidelines, but Skupsky suggests checking the legal requirements of each state in which you conduct business and of any regulatory agency with which your company deals.
|How long must I keep this stuff?|
|Federal tax returns||3 years||6 years|
|Payroll records||4 years||6 years|
|Account ledgers||3 years||6 years|
|Sales receipts||3 years||6 years|