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GENERAL RECORDS RETENTION 2025

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The document outlines the General Records Retention Schedule for Ohio State University, detailing the management and disposition of various record series across campus units. It provides guidelines on how long different types of records should be retained, including specific retention periods for financial, administrative, human resources, information technology, legal, and student records. The schedule emphasizes the importance of understanding record types created by each unit and encourages units to consult with University Archives for unique record retention needs. Additionally, it includes instructions for secure destruction of records and highlights the need for periodic reviews and purges of obsolete records.

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What records should be kept for 7 years?

How long to keep records. Records must be kept for 6 years from the end of the financial year they relate. In essence this means you need to keep all records for 7 years (as its 6 years plus a year to count for the financial year). HMRC has begun a compliance check into your Company Tax Return.

What is the GAAP record retention policy?

GAAP focuses on financial reporting integrity (often 7+ years), while IRS rules mandate 3-6 years for tax documents. CPAs should follow the longer of the two when applicable.

How long should records be retained as a general rule?

You need to keep most records for 5 years. Generally, the 5-year retention period for each record starts from when you prepared or obtained the record or completed the transactions or acts those records relate to, whichever is later.

Do you still need to keep records for 7 years?

Documents that define your personal and financial lifelike your birth certificate, marriage license and tax returnsshould be kept forever. Hold on to records that support information on your tax returns for seven years. Digitizing and shredding your paper documents can cut the risk of fraud and identity theft.

What employee records need to be kept for 7 years?

Often, employers will use a 7-year rule for purging terminated employee files as this typically covers state and federal statutes of limitations; although shorter retention periods may suffice for some records such as I-9 forms and longer periods may apply to other records such as OSHA exposure records.

What business records need to be kept for 7 years?

Bank statements: All business banking, credit card, and investment statements, as well as canceled checks, should be kept for seven years, possibly longer, depending on your business or tax circumstances. Hiring records: Keep job advertisements, applications, and resumes on file for at least one year.

GENERAL RECORDS RETENTION 2025

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What records should be kept for 7 years?

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How long should records be retained as a general rule?

Do you still need to keep records for 7 years?

What employee records need to be kept for 7 years?

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GENERAL RECORDS RETENTION 2025

Here's how it works

How to edit GENERAL RECORDS RETENTION online

Complete this form in 5 minutes or less

Got questions?

What records should be kept for 7 years?

What is the GAAP record retention policy?

How long should records be retained as a general rule?

Do you still need to keep records for 7 years?

What employee records need to be kept for 7 years?

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