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You are here: Home Payroll UBM Info Record Retention Requirements Internal Revenue Service Regulations

Internal Revenue Service Regulations

by rlcoch01 last modified May 27, 2008 04:05 PM

Covered Employees:

All employers.

Requirements:

Basic employee data including name, address, social security number, and birth date; records showing pay periods, daily and weekly hours, overtime, deductions from pay, taxes withheld, payments for fringe benefits, and amounts and dates of wage payments; copies of employee withholding forms (Form W-4 or W4-E); annual records showing total wages for each employee and amounts of taxable pay; documents showing the reason taxable pay does not equal total pay; amount paid into state unemployment fund, including deductions from employee pay; and experience rating data.

Retention Period:

Four years after payment, deduction of taxes, or due date of returns.  Retention can be extended by the IRS as long as records are material to a tax filing; therefore, keeping records indefinitely is safest.

 

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