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A DRP will identify documents that need to be maintained, contain guidelines for how long certain documents should be kept, and save your company valuable computer and physical storage space.
Document retention is a system that allows you and your employees to automatically create policies and determine what should be done with particular documents or records at a certain point of time.
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.
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.
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).
As a general rule of thumb, tax returns, financial statements and accounting records should be retained for a minimum of six years.
(also disposition standard), n. The length of time records should be kept in a certain location or form for administrative, legal, fiscal, historical, or other purposes.
6.2 Retention times for specific records are defined in Table 1, unless otherwise specified quality records shall be retained for 10 years. In no case shall the retention time be less than seven years after final payment on the associated contract.
For federally and non-federally sponsored grants, documents should be retained for a minimum period of three years from the date of submission of the final financial invoice/report.
According to the U.S. Department of Labor, the Fair Labor Standards Act (FLSA) requires employers to maintain records for a period of at least three years. Records to compute pay, which include time cards, work and time schedules and records of additions to or reductions from wages, must be kept for two years.