A new year always brings about change, and when it comes to which records you keep or toss at the office can sometimes be a challenge.
Federal records and The Uniform Preservation of Private Business Records Act (UPPBRA) states that records should generally be kept for a period of three years. But sometimes you cannot find a clear-cut answer for how long you should keep certain records.
Things can get a bit opaque if you don't have any information available to you and you don't want to purge your old records without being certain; you also don't want to keep records longer than needed "just because," so what do you do?
If you can't find an answer it could mean that the records in question should be kept permanently, but to be safe, do your research. Document all resources used during your research whether you fall back on permanently keeping the records or you lean more toward the three-year time period for records purging. This will ensure you will likely avoid any penalties should an audit or court case crop up.
You can also check with your attorney or CPA because laws differ from state-to-state. Another great resource would be reaching out to a local Human Resource company such as Stellaris Group in Marietta, Georgia and have them review (or help you create) a Records Retention Schedule and time frame for record keeping or purging since they are always current on new and changing federal and state laws.