This due diligence form entails policies and procedures for the identification, retention, storage, protection and disposal of company records. This Records Retention Policy is intended to ensure that the company's records management policies adhere to customer, legal and business requirements and are conducted in a cost-efficient manner.
Maryland Records Retention Policy
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US-DD0717
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FAQ
A retention and disposition schedule is a plan of action that indicates the period of time you should retain your records. Records schedules allow you to dispose of records in a timely, systematic manner by setting retention and disposal guidelines based on administrative, legal, fiscal, or research needs.
Records retention is a practice by which organizations maintain confidential records for set lengths of time, and then employ a system of actions to either redirect, store or dispose of them.
The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.
Retaining of Medical Records HIPAA regulations require that patient documents must be kept a minimum of six (6) years. The Medical Records Act states that unless a patient is a minor, medical records, laboratory and X-ray reports must be kept at least five years (see §4-403 below).
You must keep the following records for 7 years:minutes of board and committee meetings.written communications with shareholders, including emails.resolutions.certificates issued by directors.copies of all financial statements.a record of the assets and liabilities of the company.
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.
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)
You need to keep most records for five years, starting from when you prepared or obtained the records, or completed the transactions (or acts they relate to), whichever is the later. You need to be able to show the ATO your records if they ask for them.
Maryland Health General Article, Section 4-403(c) requires that minor patient records must be retained to the age of majority plus three (3) years or for five (5) years after the record is made, whichever is later.
How long the records must be kept? 200bFive years: counting from the date of submission of a return until the last day of the period. 200bA person required to submit a return but has not complied. 200bFive years: After the end of the five years period, indefinitely until the return is submitted.