How long do you have to keep employee records?
Wed, 06/19/2013 - 10:21am — AMS
By Tom Douglass
There are many tasks that a business owner needs to check off in day-to-day business.
One question that often comes up is how long should you keep records on your employees?
The IRS sets certain standards for employee tax records. They recommend that you keep all employment tax records for a minimum of 4 years after the date that the taxes were due or paid. It is important to keep such information as social security numbers, dates of employment, benefits of any kind, addresses, correct names, tax deposits and amounts of wages. Just to name a few.
For further, detailed information, you can always visit www.IRS.gov for compliance laws and regulations.
Regarding Human Resource files, these files have a required “shelf-life” of at least 7 years after a current or former employee has left or been terminated.
It is recommended that you retain personnel records and files for at least 7 years after your employee terminates employment. This is, just-in-case your business is called upon to provide any information for a multitude of reasons.
We hope this information helps you in processing your payroll. Thank you for your interest in Advanced Micro Solutions. If we can be of any further assistance, please visit our website at www.1099-etc.com
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