Document Retention Schedule
Record Category & Type
Retention Period
Audit Reports & Financial Statements
Permanent
Tax Returns (Income, Estate, Gift)
Permanent
Bank Statements & Reconciliations
7 Years
Payroll Records & Summaries
7 Years
Canceled Checks (General & Payroll)
7 Years
Contracts & Lease Agreements (Expired)
7 Years
Corporate Minute Books & Bylaws
Permanent
Note: These retention periods are suggested guidelines. Specific business needs or legal requirements may necessitate longer retention. Consult with Kelley Dutton LLC for personalized advice.
Record Keeping Best Practices
Secure Digital Archiving
Maintain encrypted backups of all physical documents categorized by fiscal year. This ensures rapid retrieval during audits and protects sensitive data from physical loss.
Strategic Document Disposal
Ensure all sensitive financial information is disposed of via secure shredding once retention periods have passed. Avoid standard trash disposal to prevent identity theft and corporate espionage.
Regular Retention Audits
Conduct annual reviews of your internal record-keeping protocols. Adjust storage practices to comply with evolving tax laws and legal retention requirements for different document types.