What Business Records Should I Keep Forever?

What Business Records Should I Keep Forever?

Sheldon L. Richards, CPA, MS Sheldon L. Richards, CPA, MS

Sheldon L. Richards, CPA, MS

Owner specializing in helping high performing individuals and businesses to legally reduce their taxes up to 40%.

发布日期: 2023年8月22日
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All business owners must keep good records to (1) review business performance, (2) prepare financial statements, (3) identify sources of revenue and deductible expenses, (4) prepare tax returns, and (5) provide support during an audit. Regarding what business records to keep forever, the following items serve as a good rule of thumb:

  • Audit Reports from CPAs/Accountants
  • Cancelled Checks for Important Payments (especially tax payments)
  • Cash Books, Charts of Accounts
  • Contracts, Leases Currently in Effect
  • Corporate Documents (incorporation, charter, by-laws, etc.)
  • Documents substantiating fixed asset additions
  • Deeds
  • Depreciation Schedules
  • Financial Statements (Year End)
  • General and Private Ledgers, Year End Trial Balances
  • Insurance Records, Current Accident Reports, Claims, Policies
  • Investment Trade Confirmations
  • IRS Revenue Agents' Reports
  • Journals
  • Legal Records, Correspondence and Other Important Matters
  • Minute Books of Directors and Stockholders
  • Mortgages, Bills of Sale
  • Property Appraisals by Outside Appraisers
  • Property Records
  • Retirement and Pension Records
  • Tax Returns and Worksheets
  • Trademark and Patent Registrations

If you have any questions regarding this topic or any other topic, schedule a no obligation video or phone consultation by clicking on the link below:?

https://calendly.com/sheldon-44/free-consultation


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