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Record retention time varies on the action, expense or event in which the document is recorded. A general rule is to keep records for a minimum of three. The retention schedule should be reviewed periodically (approximately every 18 to 24 months) to determine the impact of legal changes upon retention periods. It's easy to accumulate a mountain of paperwork (physical or digital) from years of doing business. If you're unsure whether you should retain a document, a.

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You'll need to hang onto your business tax returns and all supporting documentation until you can no longer be audited for that tax year. In the US, the IRS. Keep business income tax returns and supporting documents for at least seven years from the tax year of the return. The IRS can audit your return and you can. Good record keeping is an important element of running a successful business. The law requires businesses to keep complete and adequate records for a period.

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Identify software products available for small business record keeping. (IRS) determines some record retention guidelines. Other retention requirements. Business Record Retention Policy - When a Business Can Destroy Records ; Purchase Orders, Sales Records, Customer Invoices & Vendor Invoices, and Accounts. The IRS says the length of time to retain business documents varies depending on how honest and how accurate your tax returns have been. If you file a.