OK to Destroy old abandoned client records?

[equinecpa]

I found some old client records dating back to 2001 today-consists of receipts and bank statements.

The client closed their business in that year and has long moved on. Is it OK to destroy these? I figure statute of limitations would pretty much deem these garbage no?

I notified the client years ago that I had them, and to come pick them up. They never did.

[Larmil]

I found some old client records dating back to 2001 today-consists of receipts and bank statements.

The client closed their business in that year and has long moved on. Is it OK to destroy these? I figure statute of limitations would pretty much deem these garbage no?

I notified the client years ago that I had them, and to come pick them up. They never did.

I can't answer your question for certain. What I do is scan the records and destroy the paper.

[BOB W]

Of course you know the minute you get rid of them you will receive a call........you do know that don't you?

[WhiteOleander]

I would send one last letter to the last address I had (certified of course) telling them to come pick them up by such and such a date or they will be destroyed.

[S T]

I have done

what White Oleander has suggested.

Oh, and don't forget to revoke that "power of attorney" on file if you had one!

Sandy

[taxea]

If you did the return you are required to keep them for five years, after that shred them. taxea

[myerstaxes]

I have a Similar Issue

Clients records are not that old, she came to me over two years ago to get delinquent returns done...I completed two years, more need to be done, but the records were too bad for me to complete. I asked for more information, never got it. Sent her a certified letter, it was returned, she moved. I revoked my POA...And here I sit with a giant box of records I do not know what to do with...

[Gene V]

If you did the return you are required to keep them for five years, after that shred them. taxea

Oregon requires return to be keep for no less than four years.

673.690 Tax consultant’s records. (1) Except as provided in this section, every person licensed as a tax consultant shall keep records of all personal income tax returns prepared by the person, or in the preparation of which advice or assistance of the person has been given. The records of the returns shall be kept for a period of not less than four years after the date of the preparation, advice or assistance.

Taxea,
Where did you find the Federal requirement? I been trying to find that information --haven't
had any luck.

Thanks

[LawrenceGR]

3 years

I asked this same question last year, the response was 3 years from the filing year.

[ChEAr$]

And

as for Gene's response about Oregon law, I read "records of returns", which doesn't
mean client records used to prepare returns.

Three years and 3 1/2 months from date return WAS filed.

[BHoffman]

http://www.irs.gov/businesses/small/article/0,,id=98513,00.html

I keep files for 6 years. All originals are returned to the client. Anything that pertains to an asset is moved to the current year file until it's sold or scrapped.

[taxea]

Once the records pass the statute of limitations that you are required to adhere to I would keep a record of the attempts to contact in your file and destroy the rest. If the client needs copies of documents provided to you there are other means for the client to obtain them. taxea

[SueBaby]

I found some old client records dating back to 2001 today-consists of receipts and bank statements.

The client closed their business in that year and has long moved on. Is it OK to destroy these? I figure statute of limitations would pretty much deem these garbage no?

I notified the client years ago that I had them, and to come pick them up. They never did.

The tax preparer that retired (and I got all of her clients last year), she went and BURNED all the client files in her office and moved!! I tried to call to get all the files, knowing I needed them in case they got audit and she laughed and said she cleaned out and burned all of them! They were not years old either.
So alot of clients is sweating it out for no proof of years back. Never heard of such before.