Business Best Practices
Records Retention Guidelines For Your Business
Oct 14, 2014
There is often confusion among employers concerning the legal requirements for record keeping and retention of employee files and other employment-related records. Each year you may go through your files and get rid of items that you think will not be needed in the future. Below are some records retention guidelines to follow when retaining certain employee files and records for your business.
IRS/SSA/FUTA documents . . . 4 years
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FLSA/IRCA record retention . . . 3 years
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Family and medical leave record keeping requirements . . . 3 years The following records must be kept for at least three years, in any format, and made available no more frequently than once every 12 months for Department of Labor inspection.
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FLSA Supplemental record retention . . . 2 years
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There are also record retention requirements for documents such as tax records and reports. Check your state’s employment laws, such as workers’ compensation laws, also because they may have record retention requirements or statutes of limitations that are different than federal requirements.