Payroll Record Retention Guidelines

Is space at a premium? Are you considering discarding your old payroll records?

Before you toss the old records review the federally suggested time frames for keeping these various payroll records.

Payroll Record Retention Guidelines

Forms W-2 and W-34 Years
Flexible Spending Accounts (FSA) Reports8 Years
Garnishments6 Years
Quarterly Payroll Reports6 Years
Time - Off Reports6 Years
Time Sheets4 Years
Year to Date Payroll Reports6 Years
Retirement Plan Reports6 Years
Bonus and Award Information6 Years
Payroll Tax Returns
Form W-4
Form I-9
Form 1099-MISC
4 Years
4 Years
3 years or *
8 Years

This chart shows the suggested federal record-keeping guidelines and does not include state tax laws that may require longer retention periods.

*The I-9 Form retention period is the duration of the individual's employment, and for 3 years following the date of hire or one year after date of termination, which ever is less.

Please Contact Makara & Associates, for more information
about Payroll Record Retention Guidelines!

This information is based on facts, assumptions and representations as stated and authorities that are subject to change.  We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER:  The information within this web site is for informational and educational purposes only and is not tax advice and should not be used as such.  The facts of each individual situation can have significantly different outcomes when applying tax law.  The hiring of a CPA is an important decision not to be based solely on advertisements.