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12/13/2004

How long do I need to keep business records?
by Betsey Martin, Research Specialist, UALR Lead Center

Another year is coming to a close. Soon it will be time to store this year’s records and make room for next year’s records. However, your storage room is full and so are all of the file cabinets! So, how long do you need to keep those records?

The answer is, “It depends.”

Businesses keep records to support financial statements and tax returns, to comply with employment and pension laws, to comply with various federal and state regulatory authorities (i.e., OSHA), and to comply with other legal and administrative needs (licenses and permits, corporate minutes, litigation support, etc.). Each area has its own set of record retention rules, but some general rules follow.

FINANCIAL RECORDS …………………………………………………… usually 2 to 7 years
EMPLOYMENT TAX RECORDS .……………………………………… usually 4 years
OSHA RECORDS …………………………………………………………… usually 5 years

For guidance on employment tax & personnel records, go to:
http://www.irs.gov/businesses/small/article/0,,id=98548,00.html
http://www.refresher.com/!cmrecordretention.html

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.