Store Period Document For Free

Federal regulations state you must retain a Form I-9 for each person you hire for three years after the date of hire, or one year after the date employment ends, whichever is later.

The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.

A document retention policy is a set of practices adopted by a company to guide how documents, records and other important information are to be stored, saved and destroyed.

Ing to SHRM, many employers use a seven-year rule for getting rid of employee documents, as that generally covers state and federal regulations. Keep in mind that shorter rules exist for I-9 forms and longer time periods apply to documents like OSHA exposure records.

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 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).

You must be able to produce receipts, invoices, canceled checks or bank records that support all expense items. You should also keep sales slips, invoices or bank records to support all income items. These records should be retained for at least 10 years after they have expired.