The IRS general advice is that tax records should be retained for as long as they may be important under any aspect of the tax laws. Many other federal and state agencies have specific rules that should be followed, not all of which may be addressed in this schedule.
The American Medical Association and the American Health Management Association indicate that records should be kept for the length of time required for the statute of limitations for malpractice claims. If the patient is a minor, the time limit may be when the individual reaches the age of majority. If a particular record is no longer needed for medical reasons, you should check state laws to see if there is a requirement that records be kept for a minimum length of time. Generally, and specifically with medical records, all documents should be shredded to preserve confidentiality.
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The period of time indicated in the chart is from the end of the fiscal year in which the document was created or, in the case of tax returns, from the date the return was actually filed or the tax was paid, whichever is later.
For medical records measure time from the last professional contact with the patient.
Records marked P in the chart should be kept permanently.
| Type of Record | Retention Period |
|---|---|
| Accident reports Property and plant records & claims (settled) | 7 years |
| Accident reports Property and plant records & claims (open) | P |
| Accounts payable ledgers/schedules | 7 years |
| Accounts receivable ledgers/schedules | 7 years |
| Articles of Incorporation | P |
| Audit reports of accountants | P |
| Bank statements | 7 years |
| Bank reconciliations | 3 years |
| Banks Property and plant records & related records | P |
| Bond certificates - cancelled | 7 years |
| Budgets | 3 years |
| Bylaws of company | P |
| Capital stock Property and plant records & related records | P |
| Cash books | 7 years |
| Cancelled checks to support related item (retain same period as related item) | 7 years or P |
| Contracts- still in effect | P |
| Contracts - expired | 7 years |
| Contribution records | 7 years |
| Correspondence - customers Property and plant records & vendors | 3 years |
| Correspondence - general | 3 years |
| Correspondence - legal/important matters | P |
| Cost accounting records | 7 years |
| Deeds/Titles and Abstracts | P |
| Depreciation schedules | P |
| Deposit slip copies | 3 years |
| Dividend registers | P |
| Employee personnel records | P |
| Employment applications | 3 years |
| Expense analysis Property and plant records & distribution schedules | 7 years |
| Expense records (travel, entertainment) | 7 years |
| Fidelity bonds and records - current | P |
| Fidelity bonds and records - expired | 3 years |
| Financial statements - end of year | P |
| Financial statements - interim | 3 years |
| Fixed assets schedules | P |
| Garnishments | 3 years |
| General and private ledgers | P |
| Insurance policies - expired | 3 years |
| Insurance policies - current | P |
| Internal audit report (longer if prudent) | 3 years |
| Internal reports - miscellaneous | 3 years |
| Inventory records | 7 years |
| Invoices to customers | 7 years |
| Invoices from vendors | 7 years |
| irs Information returns (W-2, 1099) received | P |
| irs information returns provided | 7 years |
| irs information returns returned | 4 years |
| Leases - current | P |
| Leases - expired | 7 years |
| Journal entries | 7 years |
| Licenses - current | P |
| Licenses - expired | 3 years |
| Maintenance/Repair records | 7 years |
| Minutes books (directors/stockholders) | P |
| Mortgage records | P |
| Notes payable ledgers Property and plant records & schedules | 7 years |
| Notes receivable ledgers Property and plant records & schedules | 7 years |
| Option records - current | P |
| Option records - expired | 7 years |
| Patent records | P |
| Prescription records/Medicare/Medicaid | 5 years |
| Prescription records/non-Medicare/Medicaid | 3 years |
| Pension records - current | P |
| Pension records - expired | 7 years |
| Payroll records and summaries | 7 years |
| Property and plant records | P |
| Purchase orders - department copy | 3 years |
| Real estate bills of sale, contracts, etc. | P |
| Receiving reports and tickets | 7 years |
| Remittance statements | 3 years |
| Requisitions | 3 years |
| Revenue agent reports | P |
| Sales records | 7 years |
| Savings bond records of employees | 3 years |
| Scrap and salvaged property records | 7 years |
| Shipping reports and tickets | 7 years |
| Surety bonds - current | P |
| Surety bonds - expired | 7 years |
| Stenographers notebooks | 3 years |
| Stock and related records | P |
| Stock certificates - cancelled | 7 years |
| Stock brokerage statements | 7 years |
| Subsidiary ledgers | 7 years |
| Tax returns and worksheets - estates | P |
| Tax returns and worksheets - gift | P |
| Tax returns and worksheets - income | P |
| Tax returns and worksheets - payroll | 7 years |
| Tax returns and worksheets - property | 7 years |
| Tax returns and worksheets - sales and use | 7 years |
| Time reports and books | 7 years |
| Trademark records | P |
| Travel records | 7 years |
| Trial balance - end of year | P |
| Uncollected accounts records | 7 years |
| Voucher registers and schedules | 7 years |
| Vouchers - payments to vendors Property and plant records & employees | 7 years |
| Warrants (i.e.stock) records | P |
| Warrants (i.e.stock) certificates - expired | 7 years |
| Workers compensation records | 7 years |