Record Retention For Your Business

The subject of business record retention comes up frequently with our clients. We’re often asked, “how do I know if I need to keep a document?” and “how long do I need to keep it?” The short answer is: it depends.

Different documents fall into different record classes. These classes are based on legal requirements, compliance and overall usefulness to your business. Certain documents can be purged as soon as one year, while some should never be thrown out.

It is imperative that your company has a document retention policy. We’ve compiled a Recommended Records Retention Schedule to help you determine how long to keep certain documents. This schedule can also apply to individuals. Questions about the schedule? Contact Cg Tax, Audit & Advisory at 732.676.4100 and we’ll help you determine how to apply this schedule to your company’s document retention plan or to your personal records. © 2020



Don Cowan, CPA, PFS, PSA, CFP®
Shareholder | Managing Director
Cg Tax, Audit & Advisory
732-676-4100 | dcowan@cgteam.com