You must keep all payroll records for at least three years , according to the Fair Labor Standards Act (FLSA). And, you need to keep records that show how you determined wages for two years (e.g., time cards that comply with FLSA timekeeping requirements).
What payroll records must be kept?
- Employee’s full name and social security number.
- Address, including zip code.
- Birth date (if younger than 19)
- Sex.
- Occupation.
- Time and day of week when employee’s workweek begins.
- Hours worked each day.
- Total hours worked each workweek.
How long must you keep payroll records?
Under Fair Labor Standards Act (FLSA) recordkeeping requirements applicable to the EPA, employers must keep payroll records for at least three years .
How long does the IRS want you to keep records?
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
What records do I need to keep and for how long?
- Store permanently: tax returns, major financial records. ...
- Store 3–7 years: supporting tax documentation. ...
- Store 1 year: regular statements, pay stubs. ...
- Keep for 1 month: utility bills, deposits and withdrawal records. ...
- Safeguard your information. ...
- Guard your financial accounts.
How long does an employer need to keep medical records?
[29 U.S.C. §§ 621 – 634.] Under the Family and Medical Leave Act (FMLA), employers must keep records showing the dates and hours of family and medical leave taken by employees (or denied by the employer). The records should be retained for three years after the leave to which they relate .
How long should you keep old employee files?
According to the Equal Employment Opportunity Commission (EEOC), employers are required to keep all personnel and employment records—including job applications, requests for reasonable accommodations, and more—for one year from the date of termination .
How far back can you be audited?
Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don’t go back more than the last six years. The IRS tries to audit tax returns as soon as possible after they are filed.
What papers to save and what to throw away?
- Birth certificates.
- Social Security cards.
- Marriage certificates.
- Adoption papers.
- Death certificates.
- Passports.
- Wills and living wills.
- Powers of attorney.
How many years of bank statements should you keep?
Most bank statements should be kept accessible in hard copy or electronic form for one year , after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.
Is it safe to throw away old bank statements?
You may be ready to throw them out, but you’re not sure how. Is it safe to throw away old bank statements, or do you need to shred them first? According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements , to protect yourself from identity theft.
Is there any reason to keep old mortgage papers?
Home loans usually have tax implications and the IRS provides explicit guidelines on what to keep. ... If you failed to file a tax return in any given year, there is no statue of limitations . In that case the IRS recommends you keep documents related to those records indefinitely.
Can the IRS go back 10 years?
How many years can the IRS go back and audit? If you owe money to the IRS, the longest that this agency can go back and audit your finances is 10 years .
What should not be kept in an employee personnel file?
- Pre-employment records (with the exception of the application and resume)
- Monthly attendance transaction documents.
- Whistleblower complaints, notes generated from informal discrimination complaint investigations, Ombuds, or Campus Climate.
Where do you store employee records?
- Paper-Based Employee Records. ...
- Manual Electronic Employee Records. ...
- Cloud Storage Electronic Employee Records. ...
- On-Premise HR System. ...
- Cloud-Based HR Software.
How long do you have to keep i 9’s?
Federal regulations state you must retain a Form I-9 for each person you hire for three years after the date of hire , or one year after the date employment ends, whichever is later.
