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>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
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