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Beall Barclay and Company, PLC • Beall Barclay Wealth Management, LLC
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Clients frequently ask how long they should retain important documents. The schedule below is provided for informational purposes only. Please contact legal counsel for guidelines applicable to your situation.

 

Type of Record Retention Period

Tax and legal correspondence

7 years after liquidation of entity

Audit reports

7 years after liquidation of entity

General ledger and journals

7 years after liquidation of entity

Financial Statements

7 years after liquidation of entity

Contracts and leases

7 years after liquidation of entity

Real estate records

7 years after liquidation of entity

Corporate stock records and minutes

7 years after liquidation of entity

Bank statements and deposit slips

6 years

Sales Records and Journals

6 years

Other records relating to revenue

6 years

Employee expense reports and records relating to travel and entertainment expenses

7 years after liquidation of entity

Canceled checks

3 years

Paid vendor invoices

3 years

Employee payroll expense records

4 years

Inventory records

3 years (longer if you use LIFO)

Depreciation schedules

At least tax life of asset plus 3 years

Other capital asset records

At least tax life of asset plus 3 years

Other records relating to expenses

3 years

Partnership agreement and amendments

Permanently

Operating agreement and amendments (LLC)

Permanently

 

Taxpayers retaining records using paperless alternatives should refer to the following revenue procedures to ensure that records are acceptable to the IRS. Rev. Proc. 81-46 addresses retaining books and records on microfilm or microfiche (micrography technology). Rev. Proc. 97-22 updates the procedures in Rev. Proc. 81-46 for the advances in retaining records via electronic storage media such as magnetic tape, optical disk, CD-ROM, etc. Rev. Proc. 98-25 provides guidance on retention of automated data process (ADP) files or machine sensible records.



Beall Barclay and Gallagher & Co. are hosting The Executive Leadership Forum in September.


The Arkansas Small Business and Technology Development Center presents two hands-on workshops for QuickBooks Pro, Premier, and Enterprise software users.


The Arkansas Small Business and Technology Development Center and Beall Barclay present two QuickBooks Payroll workshops on July 25 at Beall Barclay in Fort Smith.


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We invite you to check out the new issue of Eye on Money!


Beall Barclay is excited to bring you the fall edition of Nonprofit Insights, a newsletter geared toward nonprofit organizations.


Beall Barclay is excited to bring you the fall edition of Business Owner's Perspectives, a newsletter geared toward business owners.


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2016 Tax Planning Guide