Jon Stewart, king of all snark, recently took on the IRS in this June 24 segment. Stewart skewered the IRS for shoddy record keeping policies (6 months for e-mails?) and storage processes. In addition, House Oversight and Government Reform Committee Rep. Darrel Issa was not immune to criticism for his behavior during IRS Commissioner Koskinen’s testimony.
The Blau Company, Ltd. recommends that you retain documents using the following guidelines:
- Tax Returns – Permanent
- Tax Return Source Docs (W-2s, 1099s, etc) – 7 Years
- Bank/Credit Card Records – 7 Years
- Corporate Records (minutes, bylaws, licenses) – Permanent
- Property (real estate, investments, insurance policies) – Ownership period + 7 years
This is a short list of recommended holding periods. For more information, please contact our office.