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How Long Should I Keep Records?

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Question
How long should I keep records?

Answer

It is very important to keep specific records on file. Per the IRS, all records of employment taxes for at least four years after filing the 4th quarter for the year. These should be available for IRS review this includes:

IRS

These records should be kept for a minimum of 4 years:

  • Your employer identification number.
  • Amounts and dates of all wage, annuity, and pension payments.
  • Amounts of tips reported.
  • The fair market value of in-kind wages paid.
  • Names, addresses, social security numbers, and occupations of employees and recipients.
  • Any employee copies of Form W-2 that were returned to you as undeliverable.
  • Dates of employment.
  • Periods for which employees and recipients were paid while absent due to sickness or injury and the amount and weekly rate of payments you or third-party payers made to them.
  • Copies of employees' and recipients' income tax withholding allowance certificates (Forms W-4, W-4P, W-4S, and W-4V).
  • Dates and amounts of tax deposits you made.
  • Copies of returns filed.
  • Records of allocated tips.
  • Records of fringe benefits provided, including substantiation.

For more information visti the IRS - Employer Tax Recordkeeping

Fair Labor Standards Act (FLSA)

The following records should be held for a minimum of 3 years:

  • Employee's full name and social security number. 
  • Address, including zip code. 
  • Birth date, if younger than 19. 
  • Sex and occupation. 
  • Time and day of week when employee's workweek begins. 
  • Hours worked each day.
  • Total hours worked each workweek. 
  • Basis on which employee's wages are paid (e.g., "$9 per hour", "$440 a week", "piecework") 
  • Regular hourly pay rate. 
  • Total daily or weekly straight-time earnings. 
  • Total overtime earnings for the workweek. 
  • All additions to or deductions from the employee's wages. 
  • Total wages paid each pay period. 
  • Date of payment and the pay period covered by the payment. 

The following should be retained for a minimum of 2 years:

  • Time cards
  • Wage rate tables
  • Work time schedules
  • Order, shipping, billing records
  • Records of additions to or deductions from wages

For more information visti the United States Department of Labor - FLSA


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Article Details
Views: 597 Created on: Apr 24, 2015
Date updated: Sep 25, 2015
Posted in: Resource

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