Accounting Articles > Record Keeping / Bookkeeping:

How long do I need to keep my records

The general rule at the Federal Level is seven years, and at The State Level, it's nine years. These time periods should be counted from the filing date, rather than from the year of the return.

However, if the authorities can prove fraud, they can go back as many years as they want.

It’s a terrible burden on any business. No one knows this better than I do; but don't get rid of your records.

Keep them in a “paper” format. Most records, once they are converted to a “paperless” format, are considered tainted and are therefore non-admissible in any taxation proceedings. Once they become paperless, they can be altered with image editing software. Don't fall into the “paperless trap." Keep your records.

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