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    business paperwork retention

    For instance, for a tax return filed in April 2009 regarding the 2008 income tax return of an individual, the source documents must be kept until at least January 2015.They may request more documentation than official receipts as proof of deductions or credits claimed, including cancelled cheques or bank statements.Though there is a statute of limitations on many business matters in certain cases such as a fraud investigation or other civil or criminal actions brought against a company, past business records may be required regardless of how long ago the events occurred.“How can I monitor/track/organize documents through the endless revisions (including name changes) so that I can quickly retrieve the most recently revised version? Say you want to share files, such as a copy of a presentation or background documents on what’s being discussed. For Windows users, Microsoft One Note has a few notable features that may help: The software allows you to organize notes into sections, flag a note so you can quickly identify it later and convert notes into Outlook tasks, appointments and contacts.By week’s end, you’re confused: Has everyone weighed in? Teams can collaborate on a single document in real time without having to send attachments back and forth.Specific industries and states have their own nuances that will affect best practices, so you must keep those in mind.FAST FACT: According to the 2011 What are the major assets of your business?Each type of document needs to be assessed separately.Why, you may wonder, should you make tax season even worse than it already is?Instead, use a broad term like “Expense Reports, 2008,” and file all your procedural memos there, along with copies of expense reports. After all, if you can’t find a file, you might as well not have it. You simply don’t have to keep every scrap of paper forever. To avoid huge piles of paper on your desk, make it a habit to go through the stack several times a week.If the agency suspects you've underreported your income or has questions about a worthless stock write-off, look out.
    • Records Retention - An Essential Part of Corporate Compliance. Every company should define what constitutes a business record. Having a.
    • Following are charts devised for individuals, businesses, and accounting firms. These charts may be used as a guideline for most record retention; however.
    • Section 51C of the Inland Revenue Ordinance requires every person carrying on a trade, profession or business in Hong Kong to keep.
    • What records do you need to keep, to stay legal and protect yourself.

    business paperwork retention

    As for the filing itself, you should hang on to the actual Form 1040 and accompanying schedules and forms forever. Perhaps you are retiring or entering the opportunity for a different venture.Others specify the form or other matters related to the keeping of records.If you labeled a file “Procedural Memo on How to File Expense Reports Dated 1/20/08,” you’d soon find that you need 14 filing cabinets to house the overflow. If you never throw anything away, you’ll make the filing cabinet manufacturers very happy, but you’ll waste time trying to find anything.Here’s a familiar dilemma, posed by a reader of the Administrative Professional Today, who asked for advice on how to track multiple versions of a Microsoft Word document: “I often type up handwritten reports for my boss, and then the document goes back and forth between us (and sometimes others) for revisions.But you may choose to keep the following NON-TAX-RELATED items for up to 3 years for internal use: These documents can be removed from your active filing system once the current year has passed.Tax season is the perfect time to start culling your paper piles and computer files and getting everything in order.If you don't keep the right tax records, you can incur penalties.Certain elements of document retention, such as employee records, fall under federal guidelines, and others have standard retention periods for the business to maintain its documentation correctly.These are general-purpose records retention guidelines. If you have unusual or extenuating circumstances in your life please check with your accountant or attorney before pitching any important legal, business, or financial paperwork.

    business paperwork retention

    So, when it comes to digital and paper records, which documents should you keep and for how long?Knowing how long to keep business and financial records can quickly get complex and confusing.They can save too little or too much, for too long or not long enough.Where records may need to be produced in court, they must be captured and maintained in a form that meets the legal requirements of reliable evidence.The period of time you need to keep certain records depends on the industry you work in as well as the state in which you operate.Unlicensed businesses and businesses convicted of tax fraud are not limited to a three year look back and may be audited from the start of their business forward.As your business grows, this is a job you could give someone else to do.

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    Record retention and destruction - American Bar Association

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