Answer
Jan 02, 2025 - 06:56 AM
Records that should typically be kept for seven years include tax-related documents such as income tax returns, W-2s, 1099s, and receipts or documentation supporting deductions. Additionally, businesses should retain records of payroll, sales, and expense accounts for seven years to comply with IRS guidelines and for auditing purposes. It's also advisable to keep any documents related to property sales, investments, and retirement accounts for this duration to resolve any potential discrepancies or audits.
