How Long Do Companies Keep Your Records On File?

How long must training records be kept on file?

three yearsDocument retention: Employers must retain employee exposure records for the duration of employment plus 30 years.

Training records must be retained for three years from the date on which the training occurred, although it is advisable to retain training records for the duration of employment..

How long do you need to keep employee files after termination?

three yearsThe FLSA requires that employers maintain nonexempt records for three years from the employment termination date. The FLSA requirement is two years for records like collective bargaining agreements, performance appraisals and documents that may satisfy requirements to justify pay scales, wage rates and salary levels.

How long must OSHA 300 logs be kept?

five yearsEmployers must save the OSHA 300 Log, the Form 300-A (annual summary), privacy case lists, and the Form 301 Incident Report forms for five years. The stored OSHA 300 Logs must be updated by the employer to include any newly discovered recordable injuries or illnesses.

What records does OSHA require employers to keep?

The OSHA injury and illness recordkeeping forms are: the Log of Work-Related Injuries and Illnesses (OSHA Form 300), the Summary of Work-Related Injuries and Illnesses (OSHA Form 300A), and. the Injury and Illness Incident Report (OSHA Form 301).

How long do employers keep your records?

7 yearsEmployers have to keep time and wages records for 7 years.

Where is employee information stored?

The employee personnel file is generally stored in a locked, fire-proof file cabinet in a locked location that is accessible to the Human Resources staff. The confidentiality of the employee information in the personnel file is of paramount importance.

Where should employee medical records go?

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) requires employers to protect employee medical records as confidential; medical records should be stored separately and apart from other business records. Never store employee medical records in the employee’s general personnel file.

How long does the IRS require you to keep payroll records?

four yearsMore In File Keep all records of employment taxes for at least four years after filing the 4th quarter for the year. These should be available for IRS review. Records should include: Your employer identification number.

What papers should I keep and for how long?

How long should you keep documents?Store permanently: tax returns, major financial records. … Store 3–7 years: supporting tax documentation. … Store 1 year: regular statements, pay stubs. … Keep for 1 month: utility bills, deposits and withdrawal records. … Safeguard your information. … Guard your financial accounts.More items…

How long should I keep records?

Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.

What payroll records must be kept?

You must keep all payroll records for at least three years, according to the Fair Labor Standards Act (FLSA). And, you need to keep records that show how you determined wages for two years (e.g., time cards that comply with FLSA timekeeping requirements).

Can the IRS go back more than 10 years?

As a general rule, there is a ten year statute of limitations on IRS collections. This means that the IRS can attempt to collect your unpaid taxes for up to ten years from the date they were assessed. Subject to some important exceptions, once the ten years are up, the IRS has to stop its collection efforts.

How do you store employee records?

Employee files should be stored in a secure location and be kept strictly confidential. Access should be restricted to those with a legitimate need to know or as required by law. Several categories of records must be maintained according to specific requirements.

How long does OSHA require records to be kept?

5 calendar yearsThe log and summary, OSHA No. 200, and the supplementary record, OSHA No. 101, must be retained in each establishment for 5 calendar years following the end of the year to which they relate. If an establishment changes ownership, the new employer must preserve the records for the remainder of the 5-year period.

What is included in payroll records?

Payroll records typically include information about the following items:Bereavement pay.Bonuses.Commissions.Deductions for pensions, benefits, charitable contributions, garnishments, stock purchase plans, and so forth.Direct deposit authorization forms.Gross wages.Hours worked.Manual check payments.More items…•

How many years of pay stubs should I keep?

one yearPay stubs and bank statements (keep for one year) Credit card bills (shred after 45 days, unless you need it for tax or business purposes, or for proof of purchase) Home purchase, sale or improvement documents (keep for at least six years after you sell)

Should I keep old medical records?

Medical Bills Keep receipts for medical expenses for one year, as your insurance company may request proof of a doctor visit or other verification of medical claims. … If you take that deduction, you’ll need to keep the medical records for three years for tax records.