Recommended Record-Retention Schedules

Copies of tax returns Forever  Employee expense records  3 years Tax/legal correspondence    Forever           Personal investment records 6 years Audit reports         Forever   IRA Records               6 years after withdrawals Contracts and leases     Forever              Real Estate records Forever Paid vendor invoices  3 years Corporate minutes     Forever Employee payroll records and stock records 3 years Depreciation schedules Tax life of asset plus 3 years Bank Statements 6 years General Ledger & journals 6 years Sales records & journals 6 years