how long do you need to keep payroll records?

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how long do you need to keep payroll records?

2007-04-26 02:04:24 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance

3 answers

The IRS 'rule of thumb' (not a requirement) is 4 years. However, the IRS does have the right to go back as many as 7 years (and the right is unlimited if fraud is discovered in the first 3 years). So, I recommend keeping 7 years' records.

And when you do destroy the payroll records, I recommend burning them instead of shredding.

2007-04-26 02:18:56 · answer #1 · answered by boo's mom 6 · 0⤊ 0⤋

10 years for payroll records if you are paying them. if they are your payroll from your emplayer then you only need them for a year

2007-04-26 09:13:30 · answer #2 · answered by babyeagles1971 1 · 0⤊ 0⤋

I THINK ABOUT FIVE YEARS.

2007-04-26 09:07:50 · answer #3 · answered by 10-T3 7 · 0⤊ 0⤋