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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:

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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