The IRS requires that a business retain copies of their tax returns and supporting documents for at least three years.
It’s no wonder document management and digital storage companies have flourished over the last 10 to 20 years.
New businesses have enough to worry about, what with needing to secure financing, working space, hiring employees, developing systems, etc, and on top of all that trying to keep track of which documents can be deleted or shredded and which must be kept for what amount of time. What are the consequences of not retaining records for the required amount of time?ĭoes My Business Need To Keep Every Document?.How long does my business have to keep each record type?.Does my business need to keep every document?.In this article, we discuss how long businesses in Iowa should keep their records and answer the following questions: