Massachusetts Log of Records Retention Requirements
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How to fill out Log Of Records Retention Requirements?
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FAQ
Destroy paper and electronic personnel records and confidential employee data after the retention deadlines have passed. Because employment records contain confidential and sensitive information, employers should establish specific policies and procedures for disposing of records safely.
As a general rule of thumb, tax returns, financial statements and accounting records should be retained for a minimum of six years.
EEOC Regulations require that employers keep all personnel or employment records for one year. If an employee is involuntarily terminated, his/her personnel records must be retained for one year from the date of termination.
How long should I keep employee personnel files? You should keep an employee's personnel files for six years after the employee has left your organisation. The reason for this is that up until six years has passed, the former employee may sue you for breach of contract in the county court.
If an employee claims that you've breached their contract, they might take you to the civil courts. They can do this within six years of the alleged breach. As a result, you should keep personal data, performance appraisals and employment contracts for six years after an employee leaves.
Employers with 20 or more employees are required to retain the complete personnel record of an employee without deletions or expungement of information (except by mutual agreement of the employer and the employee) for three years after termination of employment.
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept 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.
Employers must keep payroll records for 3 years. Payroll records include the worker's name, address, job/occupation, amount paid each pay period, and hours worked (each day and week). Workers have the right to see their own payroll records at reasonable times and places.