Historically, it is best to keep both federal and state tax returns in a safe place for up to seven years. In the event of an tax audit, you will have your records easily available for reference. There are always documents that you need to hold onto forever.
A document retention policy is also referred to as a records retention policy, records and information management policy, recordkeeping policy, or records maintenance policy. It codifies an organization's expectations for how its data is handled, from creation to destruction.
Generally speaking, for three years The IRS says you need to keep your records “as long as needed to prove the income or deductions on a tax return.” In general, this means you need to keep your tax records for three years from the date the return was filed, or from the due date of the tax return (whichever is later).
All contracts, related memoranda, and revisions should be retained for 4 years after expiration or until the conclusion of any contract disputes pertaining to such contracts, whichever is later. For same period as contract to which they relate. For the same periods as contracts to which they relate.
You can keep personal data indefinitely if you are holding it only for: archiving purposes in the public interest; scientific or historical research purposes; or. statistical purposes.
7 Factors to Consider Before Creating an Email Retention PolicyBusiness Needs. ... Legal and Regulatory Requirements. ... Organizational Culture. ... Approaches to Scope and Length of Electronic Record Retention. ... Litigation Holds. ... Automation. ... Implementation.