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Business Taxes

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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 TypeSuggested Minimum Retention
Audit reportsPermanently
Tax returns and worksheetsPermanently
Year-end financial statementsPermanently
Investment trade confirmationsPermanently
IRS agent reportsPermanently
Insurance recordsPermanently
Chart of accountsPermanently
Employee W-2 forms7 years
Employee W-4 forms5 years
Internal audit reports3 years
Sales records7 years
Employee timesheets7 years
Payroll withholding statements7 years
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Other Documents

Similar tables are provided in the corresponding sections for:

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.

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