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.
NAID Certified
Complies with and fulfills all regulatory
requirements and policies of the
National Association for Information Destruction
What People Are Saying About PROSHRED®
Our doctor's office has used Safe Shredding many times. They are always courteous, on time and do a great job. We are very... read moreOur doctor's office has used Safe Shredding many times. They are always courteous, on time and do a great job. We are very confident that our papers are handled and shredded in a most professional manner. read less
Lynne Tanner9/27/2014Definitely will use Safe Shred again. Great service, extremely professional and very reasonable prices. NNJLS.
Catherine Rivera9/27/2016Amazing turn around time, great phone communication and service without a hitch. Their employees went above and beyond with moving some items out of... read moreAmazing turn around time, great phone communication and service without a hitch. Their employees went above and beyond with moving some items out of the way to get to the paper. Great job! read less
Jonathan Ross9/27/2014Convenient, Reasonable, Professional. Would recommend highly.
Advanced Studies in Medicine Calendar9/27/2015First 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 Altiero9/27/2014We 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
Tracy4/27/2017As the manager for a self storage property, I contacted Safe Shredding to destroy over 200 boxes of old personal documents that had been left... read moreAs the manager for a self storage property, I contacted Safe Shredding to destroy over 200 boxes of old personal documents that had been left behind by a former Customer.Marie was very courteous on the telephone and she answered all of my questions and was very willing to work to keep the job within my budget.The team of gentlemen who came out to do the work were quick, efficient, and clean. They made sure that the area they were working in was left as neat as they found it.I will most assuredly be calling Safe Shredding for my future document destruction needs. read less
Raymond Baum9/27/2015
