7678 Quarterfield Road
Glen Burnie, Maryland 21061
410-766-5400
410-766-5518 (fax)
Record Retention Guide
Guide for Businesses
|
Accounting Records |
Retention Period |
|
Accounts Payable |
7 years |
|
Accounts Receivable |
7 years |
|
Audit Reports |
Permanent |
|
Chart of Accounts |
Permanent |
|
Depreciation Schedules |
Permanent |
|
Expense Records |
7 years |
|
Financial Statements (Annual) |
Permanent |
|
Fixed Asset Purchases |
Permanent |
|
General Ledger |
Permanent |
|
Inventory Record |
7 years |
|
Loan Payment Schedules |
7 years |
|
Purchase Orders (Purchasing Dept.) |
7 years |
|
Sales Records |
7 years |
|
Tax Returns |
Permanent |
|
Bank Records |
Retention Period |
|
Bank Reconciliations |
1 year |
|
Bank Statements |
7 years |
|
Cancelled Checks |
7 years |
|
Electronic Payment Records |
7 years |
|
Corporate Records |
Retention Period |
|
Board Minutes |
Permanent |
|
Bylaws |
Permanent |
|
Business Licenses |
Permanent |
|
Contracts (Expired) |
7 years |
|
Contracts (Active) |
Permanent |
|
Insurance Policies |
Life + 3 years |
|
Leases/Mortgages |
Permanent |
|
Patents/Trademarks |
Permanent |
|
Stockholder Records |
Permanent |
|
Stock Registers |
Permanent |
|
Stock Transactions |
Permanent |
|
Employee Records |
Retention Period |
|
Benefit Plans |
Permanent |
|
Employee Personal Records (Terminated) |
3 years |
|
Employee Applications |
3 years |
|
Employment Taxes |
7 years |
|
Payroll Records |
7 years |
|
Pension/Profit Sharing Plan |
Permanent |
|
Real Property Records |
Retention Period |
|
Construction Records |
Permanent |
|
Leasehold Improvements |
Permanent |
|
Lease Payment Records |
Life + 4 years |
|
Real Estate Purchases |
Permanent |
Guide for Individuals
|
Accounting Records |
Retention Period |
|
Tax Returns |
Permanent |
|
W-2s |
7 years |
|
1099s |
7 years |
|
Cancelled Checks (Supporting Tax Deductions) |
7 years |
|
Bank Deposit Slips |
7 years |
|
Bank Statements |
7 years |
|
Charitable Contribution Documentation |
7 years |
|
Receipts, Diaries, Logs (Tax Returns) |
7 years |
|
Investment Purchase and Sales Slips |
Ownership Period + 7 years |
|
Dividend Reinvestment Records |
Ownership Period + 7 years |
|
Year-End Brokerage Statements |
Ownership Period + 7 years |
|
Mutual Fund Annual Statements |
Ownership Period + 7 years |
|
Investment Property Purchase |
Ownership Period + 7 years |
|
Home Purchase Documents |
Ownership Period + 7 years |
|
Home Improvement Receipts and Cancelled Checks |
Ownership Period + 7 years |
|
Home Repairs Receipts and Canceled Checks |
Ownership Period + 7 years |
|
Retirement Plan Annual Report |
Permanent |
|
IRA Annual Reports |
Permanent |
|
IRA Nondeductible Contributions (Form 8606) |
Permanent |
|
Insurance Policies |
Life of Policy + 3 years |
|
Divorce Documents |
Permanent |
|
Loans |
Term of Loan + 7 years |
|
Estate Planning Documents |
Permanent |
Guide for Businesses
Guide for Individuals