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HOW LONG SHOULD YOU KEEP
BUSINESS RECORDS?
HOW LONG DO I NEED
TO KEEP THIS ?
There are rules about how long you
need to keep certain documents and
records on hand - especially things
like tax returns and supporting
documentation, legal contracts and
agreement, medical records and
insurance claims forms and
employment information.The experts
suggest the following framework for
keeping critical documents. These
timeframes apply to records you
create each year.
Keeping your important papers in
order isn’t just an organizational
thing. “Technically, the IRS can go
back at far as they want if they
smell something fishy, so it’s
always recommended to keep
documents - especially if they’re
electronic, since they aren’t taking
up closet space.” says Vincenzo
Villamena, CPA.
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