Client Resource
Tax Record Retention Guide
Retention periods vary by document, transaction and statute. Keep records long enough to substantiate items reported on returns and to meet applicable federal, California, payroll and business requirements.
Checklist
- Filed federal and state tax returns and supporting schedules
- W-2, 1099, K-1 and income records
- Receipts, invoices and deduction substantiation
- Bank and credit-card statements used to support business activity
- Payroll records and employment tax filings
- Asset purchase, improvement, depreciation and sale records for as long as needed to establish basis
- Business formation, ownership and capital records
- Loan documents and payment histories
- Sales and use tax records
- Records supporting carryovers, basis, losses or credits until no longer relevant
- Tax notices, audit correspondence and closing letters
- When uncertain, retain records longer and obtain advice for the specific document type
This resource is general information, not legal advice, and is not a substitute for review of your specific facts. Tax laws and agency procedures may change.