Partnership - Shredding documents

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  • nkustura
    Member
    • Feb 2010
    • 68
    #1

    Partnership - Shredding documents

    A client has limited liability partnership, and he is asking if he can shred invoices and bank documents for 2008 and prior. I want to tell him he can go head and do that since those are 5 years old already, but I am not 100% sure. Any thoughts????

    Thanks
    Tags: None
    • ATSMAN
      Senior Member
      • Jul 2013
      • 2415
      #2
      STOP and Scan

      If any of those invoices is for equipment that is still being depreciated or a 179 was claimed, I would suggest they scan a copy and shred the paper.
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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        • taxea
          Senior Member
          • Nov 2005
          • 4292
          #3
          I don't recommend shredding any financial information that has not been scanned and saved to USB or disk. You never know when you may wish you had the info. Now that we don't have to keep paper documents and a disk takes so little space I would recommend scanning all documents to disk before shredding anything. This is my advice for personal finances as well. I keep every correspondence in regard to finances on disk by year.
          Believe nothing you have not personally researched and verified.

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