Curious to see how folks who have a functional/record series level
retention schedule deal with tax audits.

 

"Most" financial records are 6/7 years, but most of our tax audits cover
a 10 year period so I am giving consideration to changing the retention
periods on many record series to reflect 10 yrs instead of 6 or 7.  In
the past, I have taken the approach that a tax audit is treated the same
as a litigation hold in that the record is held past its retention
period to satisfy the open audit period.  However, if a company
continually needs to examine 10 years for tax audits, what is the risk
of just changing the retention to 10 yrs?  

 

Thoughts?  

 

Thanks.

 

Ben Greene, CRM

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