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The term "payroll records" encompasses many things....all types of records and accounting logs, payments of all types to different agencies, payments and calculations of pension and insurance, etc. Do you mean how long do they need to keep individual time cards...clearly a base payroll record....but worthless after no time...and it would cost zillions in storage fees to keep them very long.
So, they really need to keep them for as long as anyone involved might care. As a rule of thumb, 7 to 10 years is standard. In todays world of electronic records, many companies are keeping tape files for much longer...but retrieving them is sometimes very expensive...the systems and computer programs from years ago no longer are active, or can run on the platforms they are using...and it takes time, money and more to actually get data in a usable format.
How long a need for any specific record may exist depends on who is asking and what for. If the President of the company asks for something from those records from 25 years ago....he has a right and you better believe everybody will try to find them. If I ask for something from 2 years ago...why? and "do you realize how much time & money it will cost to get it....and it's in 25 boxes....you want to dig through those in the warehouse...have a good time"...is a more likely response.
If the IRS asks for something, generally they have a statute of limitations on audits for withholding of 3 years - although many things can extend it - and they may also want to audit it as part of the company income tax, or something else yet, which has yet a different period. Outside of the period, and the taxpayer doesn't have to provide it.
I suspect your asking about your own payroll records from an employer. They are required to timely (by 1/31 following the year end) to have provided you with your W-2. Once they timely give them to you, it is YOUR obligation to keep them. It is none of your business how long they keep their records on this or other things. And it will be your problem and expense if you claim they didn't comply with making them available to you. (By trying to mail them to your last known address for example, your receipt is irrelevant). Reporting them (by electronic means) to IRS, etc is required by law.
What else can I help you with?
How long should an employer keep payroll records?
employer keep payroll records maxium 1 year .
How long does an employer have to keep Time and Payroll Records in India?
In India, employers are required to maintain time and payroll records for a minimum of three years from the date of the last entry. This requirement is mandated under various labor laws, such as the Minimum Wages Act and the Payment of Wages Act. Employers must ensure that these records are readily accessible for inspection by relevant authorities during this period. It's advisable for employers to keep these records longer if they are involved in ongoing disputes or legal proceedings.
How long must the medical records be kept by the employer?
Employee medical records must be kept by employers for how long?
How long do you keep accounting records in the US?
How long to keep accounting records for business in the US
How long do you have to keep tax records for a business?
We must keep tax records for 10 years for a business
How long should an employer keep payroll records?
employer keep payroll records maxium 1 year .
How long does an employer have to keep payroll records after the company has gone out of business?
Depending on how shady they are --they don't have to keep them at all. i worked for a fortune 500 company that went under ,i couldn't even get a phione number to call for references
How long must an employer keep employment records?
30 Years
How long does an employer have to keep Time and Payroll Records in India?
In India, employers are required to maintain time and payroll records for a minimum of three years from the date of the last entry. This requirement is mandated under various labor laws, such as the Minimum Wages Act and the Payment of Wages Act. Employers must ensure that these records are readily accessible for inspection by relevant authorities during this period. It's advisable for employers to keep these records longer if they are involved in ongoing disputes or legal proceedings.
How long must you retain payroll records?
seven years
How long must the medical records be kept by the employer?
Employee medical records must be kept by employers for how long?
How long does an employer have to keep payroll records employment records and other records in India as per the India?
In India, employers are required to maintain payroll records and employment records for a minimum of five years from the end of the financial year to which they relate, as per various labor laws such as the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. Additionally, records related to wages and other employment-related documents must also be preserved for at least five years. Certain specific records, like those related to the Factories Act, may have different retention periods, so it's essential for employers to be aware of the specific requirements applicable to their industry.
How long do you keep accounting records in the US?
How long to keep accounting records for business in the US
How long do you have to keep records?
They have to keep records for 6 years after your last appointment
How does payroll affect a business?
Payroll must be met if a business is going to have workers. A business that cannot keep up with the demands of the payroll expenses will not be in business very long.
How long does an employer keep W4's?
All payroll tax information must be kept for a minimum of 4 years, and if the W-2 was undeliverable then you are required to keep it on file for a minimum of 4 years, according to the recordkeeping section of pub 15. Generally 4 years minimum and 7 years outside are good rules of thumb. After they are sent to the employee, there is no obligation that the employer provide them again.
How long to keep deceased medical records in Georgia?
Many people would keep a deceased person's records for at least 10 years. Many people keep these records for longer than that.
