North Carolina Log of Records Retention Requirements
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FAQ
As a general rule of thumb, tax returns, financial statements and accounting records should be retained for a minimum of six years.
Retention policies help to manage many risks including lost or stolen information, excessive backlog of paper files, loss of time and space while internally managing records and lack of organization system for records, making them hard to find, just to name a few.
A recordkeeping system is a shared filing system where records are captured, organized, accessed, protected, retained, and destroyed in accordance with approved records schedules. A recordkeeping system is about more than technology.
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.
Records must be retained for a minimum of 5 years (13 NCAC 14B.
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 Management system (RMS) is the management of records for an organization throughout the records-life cycle. The activities in this management include the systematic and efficient control of the creation, maintenance, and destruction of the records along with the business transactions associated with them.
Data retention is the collection, storage, and management of data. Businesses, organizations, and governments have policies, regulations, and laws that define how data must be stored and for how long. The drivers for data retention programs include compliance, disaster recovery, and the need to feed analytic engines.
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.
A retention period (associated with a retention schedule or retention program) is an aspect of records and information management (RIM) and the records life cycle that identifies the duration of time for which the information should be maintained or "retained," irrespective of format (paper, electronic, or other).
