Oregon Log of Records Retention Requirements
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How to fill out Log Of Records Retention Requirements?
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FAQ
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 records retention schedule is a policy that defines how long data items must be kept and provides disposal guidelines for how data items should be discarded.
Retention policies or retention schedules list the types of record or information you hold, what you use it for, and how long you intend to keep it. They help you establish and document standard retention periods for different categories of personal data.
Retention schedules are based on legal, fiscal, administrative, and historic value.Non-Departmental Retention Schedules.Community Justice Retention Schedules.Community Services Retention Schedules.County Assets Retention Schedules.County Human Services Retention Schedules.County Management Retention Schedules.More items...
As a general rule of thumb, tax returns, financial statements and accounting records should be retained for a minimum of six years.
The purpose of a record retention schedule is to outline the information that will be maintained by a facility, the time period for retention, and the manner in which information will be stored.
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 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.
A record retention policy is important because it provides the company with an overview of what they have stored and how long they have kept it. It also helps them identify if there is any need to archive or dispose of any old files because it can help them avoid legal trouble down the road.
Benefits of Having a Record Retention ScheduleDemonstrate compliance with regulatory recordkeeping requirements. Enforce the consistent implementation of record keeping policies. Improve ability to locate and retrieve records when required. Reduce litigation risks.
