Shredding Retention Policies

LionCage is your top source for scanning, document shredding and E-Recycling solutions. Our security experts can assist you with data retention regulation policies. LionCageShredding.com offers you a full range of services to ensure data preservation while ridding you of the physical paperwork. LionCage options include: :15083757-date-files-showing-new-year-and-organizing-business

1. Scanning

      – we will scan your data and save it for you on a USB or DVD, or we can, save it on a virtual cloud drive which will give you immediate secure access.

2. Physical Storage

      – We can hold your physical documents for specified time in a secure environment.

3. Shred

      – Upon reaching the physical storage maturity date we can set a scheduled data purge at which time your documents will be destroyed and you will receive a certified letter of destruction.

 

      Many legal and personal documents must be kept for a specified retention period set by state mandated or federal law. At the termination of the retention period, the document is usually destroyed, and in certain cases, must be destroyed by law. Retention periods vary by document type and across professional boundaries. For example, business incorporation documents have a permanent retention period, while receipts for tax-deductible purchases by an individual taxpayer usually have a three-year retention period. The length of the retention period is based on the likelihood that the document will be needed at some point in the future. Records that will serve no further purpose are destroyed for space issues, usually by paper shredders. Retention requirements are also established for a variety of electronic records in industry-specific legislation (such as the Sarbanes-Oxley Act) and regulatory bodies (such as the Federal Energy Regulatory Commission) in the United States.

Below is a list of basic data retention policies mandated by law. The following is suggested best practice and should be reviewed with your accountant and or lawyer for legal guidance. Contact Us

Business Documents To Keep For One YearWhile it is important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.

  1. Correspondence with Customers and Vendors
  2. Duplicate Deposit Slips
  3. Purchase Orders (other than Purchasing Department copy)
  4. Receiving Sheets
  5. Requisitions
  6. Stenographer’s Notebooks
  7. Stockroom Withdrawal Forms
  8. Bank Statements and Reconciliations
  9. Employee Personnel Records (after termination)
  10. Employment Applications
  11. Expired Insurance Policies
  12. General Correspondence
  13. Internal Audit Reports
  14. Internal Reports
  15. Petty Cash Vouchers
  16. Physical Inventory Tags
  17. Savings Bond Registration Records of Employees
  18. Time Cards For Hourly Employees
Personal Documents To Keep For Three Years

  1. Credit Card Statements
  2. Medical Bills (in case of insurance disputes)
  3. Utility Records
  4. Expired Insurance Policies
  5. Supporting Documents For Tax Returns
  6. Accident Reports and Claims
  7. Medical Bills (if tax-related)
  8. Property Records / Improvement Receipts
  9. Sales Receipts
  10. Wage Garnishments
  11. Other Tax-Related Bills
  12. CPA Audit Reports
  13. Legal Records
  14. Important Correspondence
  15. Income Tax Returns
  16. Income Tax Payment Checks
  17. Investment Trade Confirmations
  18. Retirement and Pension Records
  19. Car Records (keep until the car is sold)
  20. Credit Card Receipts (keep until verified on your statement)
  21. Insurance Policies (keep for the life of the policy)
  22. Mortgages / Deeds / Leases (keep six years beyond the agreement)
  23. Pay Stubs (keep until reconciled with your W-2)
  24. Property Records / improvement receipts (keep until property sold)
  25. Sales Receipts (keep for life of the warranty)
  26. Stock and Bond Records (keep for six years beyond selling)
  27. Warranties and Instructions (keep for the life of the product)
  28. Other Bills (keep until payment is verified on the next bill)
Business Documents To Keep For Six Years

  1. Accident Reports and Claims
  2. Accounts Payable Ledgers and Schedules
  3. Accounts Receivable Ledgers and Schedules
  4. Cancelled Checks
  5. Cancelled Stock and Bond Certificates
  6. Employment Tax Records
  7. Expense Analysis and Expense Distribution Schedules
  8. Expired Contracts, Leases
  9. Expired Option Records
  10. Inventories of Products, Materials, Supplies
  11. Invoices to Customers
  12. Notes Receivable Ledgers, Schedules
  13. Payroll Records and Summaries, including payment to pensioners
  14. Plant Cost Ledgers
  15. Purchasing Department Copies of Purchase Orders
  16. Sales Records
  17. Subsidiary Ledgers
  18. Time Books
  19. Travel and Entertainment Records
  20. Vouchers for Payments to Vendors, Employees, etc.
  21. Voucher Register, Schedules
Business Records To Keep ForeverWhile federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you will want to retain these documents indefinitely.

  1. Audit Reports from CPAs/Accountants
  2. Cancelled Checks for Important Payments (especially tax payments)
  3. Cash Books, Charts of Accounts
  4. Contracts, Leases Currently in Effect
  5. Corporate Documents (incorporation, charter, by-laws, etc.)
  6. Documents substantiating fixed asset additions
  7. Deeds
  8. Depreciation Schedules
  9. Financial Statements (Year End)
  10. General and Private Ledgers, Year End Trial Balances
  11. Insurance Records, Current Accident Reports, Claims, Policies
  12. Investment Trade Confirmations
  13. IRS Revenue Agents’ Reports
  14. Journals
  15. Legal Records, Correspondence and Other Important Matters
  16. Minutes Books of Directors and Stockholders
  17. Mortgages, Bills of Sale
  18. Property Appraisals by Outside Appraisers
  19. Property Records
  20. Retirement and Pension Records
  21. Tax Returns and Worksheets
  22. Trademark and Patent Registrations

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