Rules For Document Retention In Dallas
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How to create a record retention policy Conduct an audit of your data and organize your files. Determine how long you're required to keep certain documents. Explain what and who the policy covers in the scope. Write the body of the policy. Add an appendix to define complex terms.
Key components of a strong retention policy include precise retention schedules, designated responsibilities, and procedures for secure destruction.
For example, financial records may have longer retention periods than general administrative documents and industries such as healthcare and legal services may have specific requirements for retaining patient records or case files.
Record Retention Schedule for Businesses DocumentRetention Period Contracts and leases (expired) 7 years Correspondence, general 2 years Correspondence, legal and tax related Permanently Deeds, mortgages and bills of sale Permanently36 more rows
Six Key Steps to Developing a Record Retention Policy STEP 1: Identify Types of Records & Media. STEP 2: Identify Business Needs for Records & Appropriate Retention Periods. STEP 3: Addressing Creation, Distribution, Storage & Retrieval of Documents. STEP 4: Destruction of Documents. STEP 5: Documentation & Implementation.
List the types of documents that must be retained with the required minimum and maximum retention time for each based on occurrence of a specific event (for example, “seven years from creation”). If a specific format should be used for storing the resource, include that information.
The UT Dallas Records Retention Schedule provides a list of official records for each department on campus and prescribes the periods of authorized retention. The schedule may be revised periodically to include a newly created record series, to change retention periods, or to delete a record series no longer useful.
Period of limitations that apply to income tax returns Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return.
7 years: Any documents, accounts, books, writings, records or other information required to be retained, e.g. notices and minutes of all shareholders' meetings, resolutions passed at meetings and documents made available to holders of securities. Copies of reports presented at the annual general meeting of the company.
