Business documents are an important history of your businesses’ transactions with customers, vendors, creditors, and employees. These records should be maintained and available to resolve questions that may arise in the future.
Your business records should be easily accessible to authorized personnel in your business. Your business records should be maintained in accordance with the below recommended periods. Certain circumstances involving pending or potential litigation may require an extention of time for record retention. Your legal counsel should be consulted prior to discarding documents that may be subject to an extended retention period.
Special retention requirements may apply to documents or information maintained on computer systems. The Internal Revenue Service has special computer retrieval requirements when business records are maintained on a computerized system. You should consult with your tax adviser reguarding any applicable IRS requirements.