Replies

1. 
   basswood | Apr 19, 2008 06:18pm | #1

   7 years?

   The flood here last August got rid of mine. I just took pictures of the mud-filled file boxes for the IRS.

2. 
   joeh | Apr 19, 2008 06:53pm | #2

   Forever.

   And if it has anything to do with anything that might someday be declared toxic waste, keep it twice as long.

   When some lawyer sues your grandchildren for toxic damages, they'll need those papers.

   Joe H

3. 
   MSA1 | Apr 19, 2008 11:34pm | #3

   I thougt it was 7 years. I have a pile of old paper now. Since I started my business its kind of cool. I can find receipts in less than  5 min from 5 years ago.

   I use my computer to log receipts and keep the paper in the basement. I had a problem with my computer and found the receipt in minutes, nothing like before when I would have had no idea where the receipt went.

1. 
   BillHartmann | Apr 20, 2008 12:14am | #4

   In California a builder can be liable for some problems up to 10 years. .
   .
   A-holes. Hey every group has to have one. And I have been elected to be the one. I should make that my tagline.

4. 
   CapnMac | Apr 20, 2008 01:19am | #5

   IIRC, IRS recommends 5 years for all business accounting items, and DoL says 7 years for all payroll/HR stuff.

   Now, if you were audited by the IRS for something from five years ago, you might need a couple previous years, so most accountants will say seven years.

   Now, there's a very subtle hiring thing in that when you keep your HR records, you really need to keep everything, which can be untidy, as you need to keep even rejected applications and "drop off" resumes and the like.  Going before EEOC can make novacaine-less dentistry seem enjoyable <shudder>.

   There's some debate in the information management community about whether to store the info by-pjoject, or by-chronology.  Only consensus seems to be "pick one and only one and stick to it."

   Occupational hazard of my occupation not being around (sorry Bubba)