how long do you have to keep former employee records?
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Under Fair Labor Standards Act (FLSA) recordkeeping requirements applicable to the EPA, employers must keep payroll records for at least three years.
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Generally, you need to keep your records for five years from the date you lodge your tax return. See also: Keeping your tax records.
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Generally, you must keep all your business records for VAT purposes for at least 6 years. Records that you use for other tax purposes may need to be kept for longer periods.
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Each employer shall keep, for at least 3 years, in or about the place of employment, a record of the name, address, race (White, Black/African American, American Indian, Asian, Native Hawaiian/Pacific Islander, Hispanic or Latino), gender and occupation of each employee; the rate of pay of each employee; the amount ...
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Good record keeping You are legally required to keep records for a period of at least five years after they are prepared, obtained or the transactions completed (whichever occurs last).
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Maintain records of employment taxes for at least four years after filing the fourth quarter for the year, according to the IRS. These records include documents like an employee's Form W-4, personal information, and dates of employment.
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Depending on the item for which the record pertains, the IRS recommends keeping the records for 2 - 7 years. You can find a more complete table here. The IRS also requires corporations to keep tax documents for anything claimed as depreciation.
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While some wage and hour records must be kept only two years, others require retention for three years under the federal law, and since the Texas unemployment tax rules require a four-year retention period for payroll records, it is a good idea to keep all wage and hour records for at least four years.
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Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.
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What about timesheets? Company wage records and employee timesheets have to be kept for seven years. The Fair Work regulations also mandate that they have to be readily accessible to a Fair Work inspector, should they be needed. They should be legible, written in English, and above all, they must be accurate.
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Under the Fair Labor Standards Act, you must retain payroll records for at least three years. Such records include hours worked, rates of pay, overtime pay, total earnings and deductions from pay.
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The files are retained for ten (10) years after employee separation and then destroyed. Note: Documents containing health-related information shall be kept in a separate secured confidential file with limited access.
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Keeping of records. Section 24 of the Canada Labour Standards Regulations identifies the required records to be kept on file for inspection by an Inspector under the Canada Labour Code . Employers must keep payroll and other employment records for at least 36 months.
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How long to keep your records. You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you're paying the right amount of tax.
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The FLSA requires that employers maintain nonexempt records for three years from the employment termination date. The FLSA requirement is two years for records like collective bargaining agreements, performance appraisals and documents that may satisfy requirements to justify pay scales, wage rates and salary levels.
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How long to keep your records. Generally, you must keep your written evidence for five years from the date you lodge your tax return.
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The IRS orders business owners to keep these documents on file for up to four years. Many employers choose to keep them longer just in case, but the federal requirement when it comes to Copy D (employer copy) W-2 forms, the general rule is a minimum of four years.