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How long do you need to keep old records? Well, it varies. There are the fairly standard IRS rules to live by, but some industries have additional guidelines and regulations. Some feel that the best answer is to keep everything forever. Because of space and legal issues, this causes more problems and should be avoided.
It makes sense to try and find the record retention schedule for your specific industry. For some, that may simply be the IRS guidelines.
For others, more specific industry retention schedules may be in order. Here is an example of local government records retention schedules.
Finding retention schedules for your specific industry shouldn’t be too difficult, but you may want some additional confirmation that you have all the bases covered. If you need help putting a records retention plan in place, we’d be happy to help.