Washington Log of Records Retention Requirements
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How to fill out Washington Log Of Records Retention Requirements?
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FAQ
Bank statements, credit card statements, canceled checks, paid invoices and other financial information quickly pile up. Accountants typically will advise businesses to keep their bank account and credit statements for 7 years.
The rest should be routinely destroyed after a set period of time, usually three to five years, with the policy kept in writing in a secure location so that later claimants can not allege that the company wantonly destroyed a particular document in an effort to merely hide evidence.
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).
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.
By law, businesses must retain records for at least 7 years so as not to incur penalties. Records must explain all transactions, be in written form (whether that be electronic or paper), and be in English.
A document retention schedule is a policy that clearly defines what documents need to be maintained and for how long. A retention policy will include all types of documents and records that are created on behalf of the company as part of its business.
The law requires businesses to keep complete and adequate records for a period of at least five years. In general, records should be kept that provide: The amount of gross receipts and sales from all sources, including barter or exchange transactions.
(c) Records for real property and equipment acquired with Federal funds must be retained for 3 years after final disposition. (d) When records are transferred to or maintained by the Federal awarding agency or pass-through entity, the 3-year retention requirement is not applicable to the non-Federal entity.
As a general rule of thumb, tax returns, financial statements and accounting records should be retained for a minimum of six years.