This due diligence form entails policies and procedures for the identification, retention, storage, protection and disposal of company records. This Records Retention Policy is intended to ensure that the company's records management policies adhere to customer, legal and business requirements and are conducted in a cost-efficient manner.
Hennepin Minnesota Records Retention Policy
Category:
State:
Multi-State
County:
Hennepin
Control #:
US-DD0717
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Word;
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FAQ
You should keep copies of your tax returns, other forms, and related records for at least as long as the statute of limitations. We generally have 3 ½ years from the due date of the return or the date it was filed (whichever is later) to review Minnesota income tax returns, tax credits, and property tax refunds.
Recordkeeping requirements usually relate to: creating a record. capturing a record, including information that needs to be captured. providing or accepting supporting documentation. maintaining a record, including security, storage and handling. providing access to records. retention and disposal of records.
Records typically fall into four categories: those securing property such as titles or shares; those that mark certain crucial events such as businesses incorporations; those used for assessing operations; and those collected or retained in compliance with government regulation.
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.
Rule 119.35(1) of the Rules of the Law Society of Alberta provides that certain trust ledger accounts, financial records and file contents that support the financial records must be retained for a minimum of ten full years, in a format that is retrievable on demand.
KEEP 3 TO 7 YEARS Knowing that, a good rule of thumb is to save any document that verifies information on your tax returnincluding Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receiptsfor three to seven years.
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 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.
The regulation states that the retention period may be no longer than three years unless the submitting agency demonstrates that a longer period is necessary or unless the records relate to health, medical, or tax records.