Record Retention Definition
Record Retention
DEFINITION
Record Retention is a internal policy on how to record, store and destroy records of a company. This is also a period of limitations imposed the the IRS. Specific length of time that documents should be kept. IRS - 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Federal Government - The Federal Records Act (44 U.S.C. 31) and corresponding Code of Federal Regulations (CFRs) require all federal agencies to maintain records that document their activities, file records for safe storage and efficient retrieval, and dispose of records according to agency schedules.
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Arizona Member
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Texas Member
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