The Ins and Outs of Moving Legal Paperwork
One of the questions that often arises when people are moving an office in Las Vegas is which papers must they retain and which can be dumped. The Internal Revenue Service and most accountants recommend that some papers be kept up to ten years. Here is some specific guidance that may help you decide what you want to keep and what you want to throw away.
Job Applicant Information: Keep for Two Years
Even if you did not hire the individual, you should keep job applicant information for three years. Under Title VII, the Americans with Disabilities Act (ADA) and the Age Discrimination in Employment Act, you are legally required to keep records for one year. These records must include resumes, job applications, employment or drug tests and any background checks that you ran on individuals. Furthermore, companies who fulfill more than $150,000 in government contracts must keep these records for two years.
Employment Tax Records: Keep for Four Years
The Internal Revenue Service can ask to audit your employment tax records for up to four years after the fourth quarter has been filed. These records must include wage, annuity, and pension payments including the position that they held within your company. If an employee is paid for time off due to injury by a third party, then you must keep those records too. There are many different records that businesses need to maintain for seven years including their business tax returns. All current employee files should be kept for seven years along with files on retirees. If an employee was compensated for time lost because of injury on the job, however, those records need to be maintained for 10 years. Furthermore, all bank account information, checkbook stubs and cash receipts should be kept for seven years.
Business Tax Returns: Keep for Seven Years
There are many different records that businesses need to maintain for seven years including their business tax returns. All current employee files should be kept for seven years along with files on retirees. If an employee was compensated for time lost because of injury on the job, however, those records need to be maintained for 10 years. Furthermore, all bank account information, checkbook stubs and cash receipts should be kept for seven years.
Business Financial Statements: Keep Permanently
There are some records that you should never throw away. These include the business’ financial statements including profit and loss statements along with any audit reports. All budgets and general ledgers should be kept.
Talk to office movers in Las Vegas about the best way to move these important papers. In some cases, file cabinets can be moved without unloading them. In other cases, the mover may recommend that you put them in a variety of sizes of boxes before the move.