Rhode Island Log of Records Retention Requirements
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How to fill out Log Of Records Retention Requirements?
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FAQ
It is sensible to retain relevant documents relating to projects for a period of at least 15 years following practical completion.
These times may range from four to fifteen years. Although familiarity with these laws is necessary, they should not be the only consideration in deciding which records to retain.
As a rule, project-specific records should be kept three years beyond the expiration of the statute of repose. Of course, every business has to maintain records beyond project-specific documents.
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.
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.
All other records in office areas should be stored securely in filing cabinets, drawers, cupboards or shelves. In general, records are stored in office areas because ongoing access to them is required.
Data retention policies concern what data should be stored or archived, where that should happen, and for exactly how long. Once the retention time period for a particular data set expires, it can be deleted or moved as historical data to secondary or tertiary storage, depending on the requirements.
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.
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.
