| How Long Should Records Be Kept? |
| Type of Record | Minimum Retention Period | Annual financial statements | Permanent |
| Bank deposit slips, bank statements, cancelled checks | 4 years |
| Contract, lease and loan documents | 7 years after expiration |
| Corporation, partnership and LLC records (e.g. articles of incorporation, bylaws, partnership/LLC agreements, stock records) | Permanent |
| Daily sales records | 7 years |
| Depreciation schedules and related invoices for equipment purchases | Life of asset, plus 4 years |
| Employee benefit plan data | 6 years | Employee records | Period of employment, plus 4 years |
| Entertainment records | 4 years |
| General ledgers and journals | 7 years |
| Income tax audit reports | Permanent |
| Income tax returns | Permanent |
| Insurance documents | 7 years after expiration |
| Inventory records | 4 years |
| Minutes of meetings | Permanent |
| Paid vendor invoices / receipts | 4 years |
| Payroll tax returns | 4 years |
| Real estate records | While owned, plus 7 years |
| Retirement plan agreements and information returns | While plan exists, plus 7 years |
| Sales & use tax returns | 7 years |
Please consult your tax advisor about your specific circumstances.
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