Business Taxes
How Long to Keep Business Taxes?
Tax document retention is mostly recommended to comply with IRS regulations, but tax documentation can also serve to benefit gaps in financial knowledge or to supplement legal cases where financial documentation is needed as testimonial evidence.
Suggested Retention Duration for Select Business Tax Records
| Document Type | Suggested Minimum Retention |
| Audit reports | Permanently |
| Tax returns and worksheets | Permanently |
| Year-end financial statements | Permanently |
| Investment trade confirmations | Permanently |
| IRS agent reports | Permanently |
| Insurance records | Permanently |
| Chart of accounts | Permanently |
| Employee W-2 forms | 7 years |
| Employee W-4 forms | 5 years |
| Internal audit reports | 3 years |
| Sales records | 7 years |
| Employee timesheets | 7 years |
| Payroll withholding statements | 7 years |
Other Documents
Similar tables are provided in the corresponding sections for:
- Corporate Records
- Financial Records
- Personnel Records
- Management Plans and Procedures
- Contracts
- Donor Records
Important note: This list is not meant as a substitute for legal advice. Consult your CPA or a New York business attorney for specific recommendations.
What People Are Saying About Proshred®
We feel very safe in using ProShred to destroy private business documents. This comfort level comes with seeing same employee come each month to... read moreWe feel very safe in using ProShred to destroy private business documents. This comfort level comes with seeing same employee come each month to service our account since signing on years ago. He is always courteous, knowledgable, professional and happy! Tracy Curran, President J. J. Curran & Son, Inc. read less
Tracy4/27/2017
I am extraordinarily pleased with the outstanding service Steve and his partner provided to me when they came to shred close to 800 pounds of... read moreI am extraordinarily pleased with the outstanding service Steve and his partner provided to me when they came to shred close to 800 pounds of paper! They were knowledgeable, courteous, prompt and absolutely professional!!!!
As an identity theft specialist I know how important it is to shred personal information and how tempting it can be to just throw caution to the wind and just dump it.
Safe Shred is the answer to this dilemma!
If expense is an issue, pool your shredding with family and friends and share the peace of mind from an uncluttered environment!!!!!!
LOVED IT!!! read lessEileen Marcial12/08/2014scheduling appointments very easy ! good company and nice people.
Office Email9/27/2016Very professional, occasionally they come a few days late but they are very responsive and a great company.
Emily Heron9/27/2015Simple and easy. Great service!
Cathy Rivera9/27/2016Have used them several times , always professional always helpful.Have kept to the schedule which is also helpful!
Bob Fentzlaff9/27/2015First time using the company and I would use them again. They were very responsive from the first phone call until the time the job... read moreFirst time using the company and I would use them again. They were very responsive from the first phone call until the time the job was completed. They arrived when expected and invoiced for the amount quoted over the phone. I would definitely recommend this company. read less
Bob Altiero9/27/2014