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|
|Tax returns and worksheets||Permanently|
|Year-end financial statements||Permanently|
|Investment trade confirmations||Permanently|
|IRS agent reports||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|
Similar tables are provided in the corresponding sections for:
- Corporate Records
- Financial Records
- Personnel Records
- Management Plans and Procedures
- 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.