Georgia Log of Records Retention Requirements
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How to fill out Log Of Records Retention Requirements?
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Records Retention Guideline # 1: Some items should never be thrown outIncome tax returns and payment checks.Important correspondence.Legal documents.Vital records (birth / death / marriage / divorce / adoption / etc.)Retirement and pension records.More items...
The employer must maintain the record for at least seven years and then properly dispose of the record. Likewise, Georgia law requires that employers maintain all employment records, including applications and other materials relating to prospective employees, even if not hired, for 2 years.
Federal regulations require research records to be retained for at least 3 years after the completion of the research (45 CFR 46) and UVA regulations require that data are kept for at least 5 years. Additional standards from your discipline may also be applicable to your data storage plan.
The general minimum amount of time to keep business records is a minimum of 7 years. The following documents and records should be kept; Business Tax Returns and other supporting documents: Until the IRS can no longer audit your return.
Any legal records, such as licenses, patents, registration forms and tax ID forms should also be kept throughout the business' life. Tax records have to be kept for a minimum of three years, however, these records may come in handy to your business in the long run so it does not hurt to hold on to them indefinitely.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Keep all records of employment taxes for at least four years after filing the 4th quarter for the year. These should be available for IRS review. Records should include: Your employer identification number.
Generally, you will need to keep the most common types of forms and documents, like employment and job application records, family leave documents, performance reviews, and benefit election documents, for three to five years, depending on the record and the state where your business is located.
Records Retention Guideline #4: Keep everyday paperwork for 3 yearsMonthly financial statements.Credit card statements.Utility records.Employment applications (for businesses)Medical bills (in case of insurance disputes)
Period of Limitations that apply to income tax returns Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. 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.
