>I'm wondering if any of you can tell me how long you are keeping your
>journal ledgers and journal entries; and also why you're keeping them
>that particular amount of time?

Katrina,

We keep ours seven years. Securities and exchange does not apply to us, so we don't need the 50 years. He's how I arrived at our retention:

26 CFR 6511 states "you must keep records that support an item of income or deduction on a return until the period of limitations for that return runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax."

I found a table of Periods of Limitations on the IRS's web site at www.irs.ustreas.gov/prod/forms_pubs/graphics/15150b21.gif. The last two items on the table have the longet period of limitations, seven years. So I use that as my source.

Gary Link
Corporate Records Manager
Astorino
227 Fort Pitt Boulevard
Pittsburgh, PA  15222
412.765.1700
412.765.1711 Fax
www.astorino.com



CONFIDENTIALITY / PRIVACY NOTICE:  This email, and any files transmitted with it, may contain confidential and/or privileged information intended solely for the use of the individual
to whom it is addressed.  If you are not the intended recipient, you are notified that disclosing, copying, or distributing any of the contents of this information is strictly prohibited.
Please notify the sender immediately by reply email if you have received this email in error and delete this email from your system.

List archives at http://lists.ufl.edu/archives/recmgmt-l.html
Contact [log in to unmask] for assistance