Conaway & Associates, LLC
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Conaway & Associates, LLC
Guidelines For Retaining Important Tax Records...
RECORDS RETENTION
Audit Reports Permanent
Bank Deposit Slips 7 years
Bank Statements 7 years
Canceled Checks 7 years (2)
Certificates of Insurance Period of Coverage, plus 3 years
Contracts & Leases Permanent
Corporate Stock Records Permanent
Daily Sales Records 7 years
Depreciation Schedules Permanent
Employee Records Period of Employment, plus 7 years
Employee Time Cards 7 years
Entertainment Records 6 years (1)
Expense Reports 7 years
Financial Statements Permanent
Fixed Asset Purchases Permanent
General Ledger & Journals Permanent
Insurance Claims 3 to 5 years after Settlement
Insurance Policies Permanent
Inventory Records 7 years (1)
Loss Reports 7 years (1)
Minutes of Meetings Life of Company
Paid Vendor Invoices 7 years (1)
Real Estate Records Permanent
Sales Records 7 years
Tax Returns & Supporting Documents Permanent
Tax & Legal Correspondence Permanent
   
Note:
(1) From tax return due date or filing date, whichever is later.
(2) Permanent for real estate purchases
Conaway & Associates, LLC offers the above listed "Record Retention Guidelines" as a courtesy to clients and others who are trying to organize their office space. These Guidelines are just that, and in no way represent a complete listing of all business records. Consult with your tax advisor, attorney or Conaway & Associates, LLC for more information. Typographical errors are not the responsibility of Conaway & Associates, LLC.






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