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®
Convenient, Reasonable, Professional. Would recommend highly.
Advanced Studies in Medicine Calendar9/27/2015Amazing 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 Ross9/27/2014I generally stay away from posting online reviews. But these guys deserve an absolute 5. Answered the phone in 2 rings, quoted a reasonable price... read moreI generally stay away from posting online reviews. But these guys deserve an absolute 5. Answered the phone in 2 rings, quoted a reasonable price in a few secs, came to pick up the stuff in short time, driver was courteous and efficient. Afterwards, email regarding billings and documents destruction certificate was professional.
I saved a lot of my own time, that pays for writing this review. read lessPrakash Kasat8/05/2020I don't know why you would even consider using anyone else. Extremely professional from scheduling, prompt arrival and courteous and friendly service. If... read moreI don't know why you would even consider using anyone else. Extremely professional from scheduling, prompt arrival and courteous and friendly service. If the form allowed it, I would give more then 5 stars. read less
Lyn Wagner9/27/2018Highly recommended...phone contact excellent, truck arrived at the scheduled time, handled our shredding quickly and professionally.
Dolores DiLeo9/27/2016Excellent Service. Would recommend to everyone.
Robert Bel9/27/2015From speaking with Jane at the office to the arrival of the on time shredding truck and a staff member, the process was pleasant, efficient,... read moreFrom speaking with Jane at the office to the arrival of the on time shredding truck and a staff member, the process was pleasant, efficient, and very reasonably priced. I highly recommend Proshred for all your shredding needs. Great people-Great service. read less
Debbie Rose4/30/2020