New Mexico Log of Records Retention Requirements
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How to fill out Log Of Records Retention Requirements?
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FAQ
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.
Under Fair Labor Standards Act (FLSA) recordkeeping requirements applicable to the EPA, employers must keep payroll records for at least three years.
Books, accounts, records and other documents pertaining to a mortgage lender, broker and loan originator's business must be kept for at least 3 years after making the final entry on any application or loan. 6 years Mortgage loan companies and brokers must maintain records for six years. N.M. Stat. § 5821-11.
New Mexico statute requires that medical records for Medicaid patients must be kept for at least six years from the date of creation of the record. NMSA 1978 § 27-11-4 A. (2016). Hospital records, regardless of the insurer, must be retained for ten years.
Section 1026.25(c)(2)(i) requires a creditor to maintain records sufficient to evidence all compensation it pays to a loan originator, as well as the compensation agreements that govern those payments, for three years after the date of the payments.
As a general rule of thumb, tax returns, financial statements and accounting records should be retained for a minimum of six years.
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.
Mortgage retention is when a lender refuses to release the entire mortgage funds to a customer straight away. They retain some of the capital until certain works have been carried out.
Different records are kept for different lengths of time. Most records are destroyed after a certain period of time. Generally most health and care records are kept for eight years after your last treatment.
After a loan is liquidated, the servicer must keep the individual loan records for at least four years, unless the local jurisdiction requires longer retention or Fannie Mae specifies that the records must be retained for a longer period.
