Which records do you need to retain?

Michael A.O. Webster, CPA, Supervising Tax Senior,

  Filed under: Archived, Business Taxation, News and Tax Blog, Personal Taxation, Small Business Blog

One of the most common inquiries clients have for their accountants is “What documents do I need to save, and for how long?” Retaining, organizing, and filing old records can become a burden, both at the business and individual levels. As we all strive to achieve a more "paperless" process, how do we determine what warrants taking up valuable office and storage space and what does not?

Records should be preserved only as long as they serve a useful purpose or until all legal requirements are met. To keep files manageable, it is a good idea to develop a schedule so that at the end of a specified retention period, certain records are destroyed.

At Stockman Kast Ryan + Co., we have developed Records Retention Schedules we think you will find helpful. Although it doesn't cover every possible record, it does cover the most common ones. As always, please feel free to ask us should you have specific questions or concerns.

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Michael A.O. Webster, CPA, Supervising Tax Senior
Michael has been in public accounting since 2012. He specializes in serving not-for-profits, corporations and partnerships. Learn more about Michael here.