How long does a business need to keep records

how long does a business need to keep records

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Tax Records

According to the Internal Revenue Service, business records should be kept for three years regarding any taxes owed, six years for income not documented in the tax return, and kept indefinitely for documentation regarding false or missing returns.

Other Records

A business should keep employment tax returns for four years. Property, whether old or new, and other assets, should have documentation until the expiration of the period of limitations relevant to the assets.

Considerations

If documentation is not tax-related, the duration of retention is at the discretion of the individual business. Many companies and creditors may need to reference these types of records for insurance policies or past credit history, advises the Internal Revenue Service.

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Source: www.ehow.com

Category: Personal Finance

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