Record Retention Schedule for Businesses

Retaining business records is an important practice for several reasons, including ensuring compliance in the event of an IRS audit or other examination. A well-structured Record Retention Schedule helps businesses manage their documents efficiently, outlining how long specific records should be kept before they can be destroyed.

This practice is important for staying compliant with legal and regulatory requirements, streamlining operations, reducing risk, and avoiding costly fines. Given storage space restrictions and varying state and federal regulations, businesses should establish a retention schedule that takes into account industry-specific standards as well. The retention periods listed below are intended as a general guideline only and are not a legal document.

For specific questions regarding the destruction of tax or accounting records, please contact HHM CPAs.

‍

HHM CPAs resource materials are provided for general information purposes only and do not constitute legal or professional advice. No user should act on the basis of any material contained in this resource without obtaining proper legal or other professional advice specific to their situation.​