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®
Proshred was professional from getting the quote to the pick-up of the shredding, Ricardo was very friendly and accommodating. Very Happy would recommend this company.
A Forshee12/09/2021Jose & Ricardo were absolutely fantastic! They were so professional, timely, efficient and kind during delivery of our shred bin. I would recommend PROSHRED to... read moreJose & Ricardo were absolutely fantastic! They were so professional, timely, efficient and kind during delivery of our shred bin. I would recommend PROSHRED to anyone based off our phenomenal experience with these two gentlemen. read less
John Ammatuna12/02/2021We used Proshred to clean up a ton of old documents at our retail location in Hartsdale, NY. The team was extremely responsive to every... read moreWe used Proshred to clean up a ton of old documents at our retail location in Hartsdale, NY. The team was extremely responsive to every email to leading up to and following the appointment. The pair that came onsite to do the shredding were enthusiastic and efficient. It was a true pleasure to hire the team at Proshred for our project.We were able to watch the shredding from a camera on the truck to ensure our confidential documents were completely destroyed.I highly recommend Proshred for their excellent work ethic. read less
Laura Violet6/11/2021Steve and Elva were great, easy to deal with! Thank you!
Lisa Bleyzer7/28/2020Great service at great rates. They were very accommodating to even small jobs and very convenient from all major highways for a drop off.... read moreGreat service at great rates. They were very accommodating to even small jobs and very convenient from all major highways for a drop off. Steve is very professional and the drop to payment takes only minutes. They also offer at home service, which is great for larger jobs. read less
RMM Finance Dept.7/10/2020What a great experience. Wonderful to deal with fast reliable service.
Mike DeFlorio6/28/2020I received great service. I was moving and had a large quantity of documents that needed to be shredded. I called and made an... read moreI received great service. I was moving and had a large quantity of documents that needed to be shredded. I called and made an appointment for drop-off. They were ready and waiting when I arrived, helped me unload the papers from my car and put the empty boxes back in the car for me. I was in and out in a few minutes. Much quicker and more efficient than trying to shred a large quantity of documents at home on a slow shredder. Well worth the cost.I highly recommend their service. read less
Craig Beardsley6/28/2020
