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Apple Valley Tax & Accounting Inc.
Home
Appointments
Client Portal
More
  • About
  • Financial Calculators
  • Record Retention
  • Privacy Policy
More
  • Home
  • Appointments
  • Client Portal
  • More
    • About
    • Financial Calculators
    • Record Retention
    • Privacy Policy
Apple Valley Tax & Accounting Inc.
  • Home
  • Appointments
  • Client Portal
  • More
    • About
    • Financial Calculators
    • Record Retention
    • Privacy Policy

Suggested Record Retention

Accounting Records

  • Accounts Payable - 10 Years (3 In Office, 7 In Storage)
  • Vendors’ Invoices and Petty Cash Slips - 7 Years
  • Voucher Check Copies - 7 Years
  • Accounts Receivable - 10 Years (3 In Office, 7 In Storage)
  • Bill Drafts - 7 Years
  • Customer/Client Invoices - 7 Years
  • Interoffice Customer/Client Charges - 7 Years
  • Other Charges to Clients’ Voucher - 7 Years
  • Analysis Of Billing Adjustments - 7 Years
  • Daily Cash Reports and Remittance Advices - 1 Year
  • Billed Accounts Receivable Aged Trail Balance - 7 Years
  • Unbilled Receivable Ledgers - 7 Years
  • Customer/Vendor/Client Data Entry Forms - 1 Year
  • Audit Reports - Indefinitely
  • Chart Of Accounts - Indefinitely
  • Depreciation Schedules - Indefinitely
  • Data Transmittal (In Central Processing System) - 7 Years
  • Expense Records - 7 Years
  • Financial Statements and Work Papers (Annual) - Indefinitely
  • Financial Statements and Work Papers (Monthly/Interim) - 7 Years
  • Fixed Asset Purchases - Indefinitely
  • General Ledger - Indefinitely
  • Cash Receipts and Disbursements Journals - Indefinitely
  • Journal Vouchers - Indefinitely
  • Inventory Records - 7 Years (Indefinitely for LIFO System)
  • Equipment Records - 5 Years (After Disposition)
  • Loan Payment Schedules - 7 Years
  • Purchase Orders (1 Copy) - 7 Years
  • Sales Records - 7 Years
  • Correspondence - 1 Year
  • Tax Returns - Indefinitely

Bank Records

  • Bank Statements - 7 Years
  • Canceled Checks, Bank Statements, Deposit Slips - 10 Years (Indefinitely for Real Estate Purchases)
  • Loan Records - 7 Years (From Date of Last Payment)
  • Electronic Payment Records - 7 Years

Corporate Records

  • Board Minutes - Indefinitely
  • Firm Meeting Files (Annual and Special Meetings) - 7 Years
  • Bylaws - Indefinitely
  • Business Licenses - Indefinitely
  • Contracts – Major - Indefinitely
  • Contracts – Minor - Life + 4 Years
  • Insurance Policies - Life + 3 Years
  • Accident Reports and Claims - 6 Years (After Accident or Settlement)
  • Leases / Mortgages - Indefinitely
  • Partnership Agreements or Corporate Documents - Indefinitely
  • Special Contracts - Indefinitely
  • Patents / Trademarks - Indefinitely
  • Shareholder Records - Indefinitely
  • Stock Registers - Indefinitely
  • Stock Transactions - Indefinitely

Employee Records

  • Employment Applications (For Personnel Not Hired) - 3 Years
  • Personal Data, Applications, Contracts (Present Employees) - Indefinitely
  • Personal Data, Applications, Contracts (Former Employees) - 7 Years (After Termination)
  • Employment Taxes - 7 Years
  • Employee Time Reports and Attendance Records - 7 Years
  • Employee Time Analyses - 7 Years
  • Payroll Data and Authorization - 7 Years
  • Payroll Records (Journals, Ledgers, W-2, 940’s, 942’s, Etc) - Indefinitely
  • Pension / Profit Sharing Plans - Indefinitely
  • Benefit Plans - Indefinitely
  • Employee Files (Ex-Employees) - 7 Years /Employee Lawsuits Statute of Limitations
  • Pre-Employment Applications, Resumes, Tests, Advertisements - 7 Years (After Termination)
  • Attendance Records - 7 Years (After Termination)
  • Salary Rates and Changes - 3 Years (After Termination)
  • Performance Reviews - 7 Years (After Termination)
  • Promotion, Demotion, Layoff, Discharge - 7 Years (After Completion)
  • Counseling Records - 7 Years (After Termination)
  • Disability Benefits - 6 Years (After Expiration/Settlement)
  • Discrimination Charges - 4 Years (After Settlement)
  • Education, Training and CPE Records - 7 Years (After Termination)
  • Employee Contracts - 7 Years (After Termination)
  • Employee Medical History - 6 Years (After Termination)
  • INS I-9 Forms (Per Immigration Reform & Control Act) - 3 Years from Date of Filing or 1 Year After Termination (Whichever Is Longer)

Real Estate Property Records

  • Construction Records - Indefinitely
  • Leasehold Improvements - Indefinitely
  • Lease Payment Records - Life + 4 Years
  • Real Estate Purchases - Indefinitely
  • Other Property Records (Blueprints, Appraisals, Permits) - Indefinitely

Other Administrative Records

  • Legal Correspondence - Indefinitely
  • Warranties And Service Agreements - 1 Year (After Expiration)
  • Users Manuals - Until Disposition of Equipment
  • Interoffice Correspondence - 7 Years
  • New Business Reports - 7 Years
  • Bulletins To Customers/Clients, Executives and Staff - 7 Years
  • Company/Firm Publications, Brochures, Newsletters - 7 Years
  • Insurance Documents, Policies, Reports, Claims, Coverage Info - 3-10 Years (After Expiration or Settlement)

Apple Valley Tax & Accounting Inc.

1083 E Main St. Ste C-1, Torrington, CT 06790 | 666 Main St. Plantsville, CT 06479

(860) 880-1894 | (860) 620-5500

Copyright © 2025 Apple Valley Tax & Accounting Inc. - All Rights Reserved.

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