The duration for which records should be kept varies based on the type of record and legal requirements. Generally:
Tax Records: Typically, businesses should keep tax records for at least seven years, as recommended by the IRS. Employment Records: Employee-related documents should be kept for at least three to seven years after termination, depending on local laws. Financial Records: Financial documents should be retained for a minimum of seven years to comply with audit requirements. Legal Documents: These should be kept indefinitely or at least as long as the business exists.