How Long Should We Keep Employee Records?

1370555_37974185One of the most frequently asked questions is how long a company must retain employee records under various federal labor and employment laws.  Here are the answers:

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How Long Should You Keep Employee Records?

One of the most frequently asked questions is how long a company must retain employee records under various federal labor and employment laws.  Here are the answers:

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The Burden of Payroll Record Maintenance

Businessman covered with memos on white background

Paying employees means more than just issuing checks.  Your company also needs to keep accurate records for current and past employees for a certain period of time.  There are record requirements from both the IRS and the U.S. Department of Labor, which enforces employment rules for several other federal agencies.

These records include the following information: name, address, occupation, and Social Security number, as well as details of compensation such as the dates paid, tips, non-cash payments, compensation subject to withholding and payroll taxes, pay period, and fringe benefits provided to employees.  In addition, you must keep copies of all pertinent federal forms filed.

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