Tax Record Retention - Corporations

[duanecpa]

Can you refer me to a site with the Tax Record Retention recommended time periods for various corporate records?

Thank you.

[erchess]

I have no cite or site but

personally I'd keep everything until the corp is out of business and everyone who ever had ownership is dead and their estates settled. By "everything" I mean the tax return, the accounting statements and literally every receipt or other document that was used in their preparation. If you don't like that answer, then here are some less burdensome thoughts.

Clearly you keep everything pertaining to an open year.

Clearly you keep a return and all documentation until every depreciated asset on it has been disposed of in a year that is now closed.

Clearly you keep payroll returns and underlying records as well as records of paychecks as long as the company is alive and for a long time thereafter.

Clearly if there was anything done in a year that could by any stretch of the imagination be considered fraudulent you keep everything from that year.

Let's hear other perhaps more informed opinions.

[taxea]

I agree with Erchess' first paragraph for business, homes and rentals. Not until everyone died but at least five years after the property is disposed of.