Michigan Log of Records Retention Requirements
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How to fill out Michigan Log Of Records Retention Requirements?
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FAQ
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.
Document retention guidelines typically require businesses to store records for one, three or seven years. In some cases, you will need to keep the records forever. If you're unsure what to keep and what to shred, your accountant, lawyer and state record-keeping agency may provide guidance.
Under the Michigan Public Health Code, medical records must be retained for a minimum period of seven years following the last date of service provided to a patient.
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.
Employers maintain signed copies of I-9 forms for 3 years after the date of hire or one year after termination, whichever is later. These records document employee policies and procedures adopted by the local government. Drafts and other development documents should be retained until the final document is adopted.
Employers maintain signed copies of I-9 forms for 3 years after the date of hire or one year after termination, whichever is later. These records document employee policies and procedures adopted by the local government. Drafts and other development documents should be retained until the final document is adopted.
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.
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.
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.
As a general rule of thumb, tax returns, financial statements and accounting records should be retained for a minimum of six years.