Solutions for Records Discipline

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When you start your business, or perhaps a few years in, it may dawn on you that knowing how long to maintain your different types of records becomes a bit of a mystery.  Whether you are keeping them in a shoe-box or digitally in a cloud there are some rules that you should be aware of.  This may sound mundane, but knowing whether you hold on to a particular record type for one year, two years or seemingly forever can save a lot of heartache or penalties when the auditor comes to call.

1)  The Internal Revenue Service web page on the subject is:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Recordkeeping

2)  For the more consciences accountant you may want to download the nearly 60 page handbook document from CA.ORG: http://www.documents.dgs.ca.gov/osp/calrim/RecordsRetentionHandbook.pdf

Either way, it is always wise to be informed.

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