Recordkeeping & Retention for Businesses
This guide this designed for any size business, employers or corporation seeking information on recordkeeping and retention policies and regulations. Prepared 4/2007 by Tamara Reno
Government Resources and Regulations:
IRS Record Keeping -- An article that answers what kind of records should be kept, how long to keep employee tax records, business transactions etc.
How long should I keep records? -- This IRS article addresses specifics of tax records retention.
Record keeping for Employers -- Lists specific tax records of employees that should be kept and for how long.
Office of Thrift Supervision Compliance Requirements (Dept of Treasury) -- This division supervisees savings associations. The site gives the requirements of recordkeeping under certain acts such as the Electronic Transfer Act and the Community Reinvestment Act..
OSHA Record Keeping Guide -- The OSHA Recordkeeping Handbook is a compendium of existing agency approved policy, including the 2001 Recordkeeping rule (Regulatory text and relevant decision discussion from the Preamble to the rule), Frequently Asked Questions and the Letters of Interpretation.
Internet Applicant Recordkeeping Rule -- This site authored by the Department of Labor, addresses recordkeeping by Federal contractors and subcontractors about the Internet hiring process and the solicitation of race, gender, and ethnicity of "Internet Applicants."
Recordkeeping
Requirements Under the Fair Labor Standards Act (FLSA) -- This fact sheet
provides a summary of the FLSA's recordkeeping Regulations for employers.
LMRDA Recordkeeping Requirements for Unions -- The following questions and answers provide guidance on complying with the recordkeeping requirements of the Labor-Management Reporting and Disclosure Act (LMRDA). These requirements pertain to two types of records: those related to reports and elections.
Retention of Records Relevant to Audits and Reviews -- The SEC adopted rules requiring accounting firms to retain for seven years certain records relevant to their audits and reviews of issuers' financial statements.
WHAT RECORDS MUST YOU KEEP? -- EPA record requirements for Underground Storage Tanks. Contains the text of 40 CFR 280.34 Reporting and recordkeeping.
Recordkeeping & Record Retention --Contains the text of 49 CFR Part 576 which deals with the requirements of the Department of Transportation.
Search for Specific Retention requirements --Links to the CFR where regulations may be searched.
Tools for Small Businesses:
Recordkeeping for Small Business -- This publication of the United States Small Business Administration, explains the characteristics of and procedure for establishing a good record-keeping system.
Record Retention Guide for Small Businesses -- Accounting and bank records requirements offered by Blum & Clark CPA's.
Business and Individual Record Retention -- Hampton Roads Small Business Assistance organizes document retention policies by time period for businesses and individuals.
Developing a Record Retention Policy:
Record Retention Programs -- Allbusiness.com gives lists the benefits of having a program along with what records to keep.
Document Retention Policies -- National Federation of Independent Business
Document Retention Policy -- Bay Oak Law firm tells the importance of having a policy in place and gives guidelines for developing one.
Developing a Records Retention Policy -- Russell, Krafft & Gruber -- Pennsylvania Employment Law Blog gives information on retention of employment records.
Electronic Records:
The Policy Side of Electronic Records Retention -- Robert Frances Group
The Importance of Electronic Record Retention
Electronic Document Retention Policies -- An article by a section Law Practice Management section of the American Bar Association detailing why clients need retention policies for electronic documents.
Examples:
University of North Carolina at Greensboro
DHSS Records Retention Policy (NC Dept of Health & Human Services)
RETENTION, DISPOSITION, AND SECURITY OF UNIVERSITY RECORDS (University of North Carolina at Charlotte)