Year-End Record Retention Checklist: What to Keep and What to Discard

Published: Dec 8, 2025
By: Stacey Korman; Andrea Gomez; Amber Tabata
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As the year comes to an end, businesses across various industries are gearing up for a different kind of cleaning spree: record retention year-end cleaning. With the sheer volume of documents accumulated over time, it can be overwhelming to navigate through the labyrinth of paperwork and determine which ones are important to keep and for how long.

To alleviate this burden, EisnerAmper recommends referencing and reviewing this guide to help organize your files for long-term retention and to periodically discard files when no longer needed. This will help maintain the relevancy of your files and reduce the need to keep extra information when it is no longer required. The table below is a general rule of thumb for common documents.

Recommended Records Retention Schedule

Documents	3 Yrs.	4 Yrs.	6 Yrs.	7 Yrs.	Perm
Employment Tax Records
EIN (after the last 4th quarter filing for the year)		x
Amounts and dates of all wage, annuity, and pension payments		x
Amounts of tips reported to you by your employees		x
Record of all allocated tips		x
The fair market value of in-kind wages paid		x
Names, addresses, social security numbers, and occupations of employees and recipients		x
Any employee copies of Form W-2 and W-2c returned to you as undeliverable		x
Dates of employment for each employee		x
Periods, weekly amounts, and the rate of payments for which recipients were paid while absent due to sickness or injury		x
Copies of recipients' income tax withholding certificates (Forms W-4, W-4P, W-4S, and W-4V)		x
Dates, amounts of tax deposits, and acknowledgment numbers for deposits made by EFTPS		x
Payroll tax returns filed and confirmation numbers			x
Records of fringe benefits and expenses reimbursements provided to your employees, including substantiation		x
Documentation to substantiate the amount of any employer or employee share of social security tax deferred and paid for 2020		x
Documentation to substantiate any credits claimed		x
Records related to qualified sick leave wages and qualified family leave wages for leave taken after March 31, 2021, and records related to qualified wages for the employee retention credit paid after June 30, 2021			x
Accounting Records
Financial reports				x
Bank statements and reconciliations				x
Canceled checks				x
Depreciation schedules				x
Employee expense reports for reimbursement				x
General ledger detail				x
Payroll reports (W-2s, 1099s, payroll tax returns, 941s, etc)				x
Fixed assets records and invoices (after disposal)				x
Records on virtual currency and other digital assets, including the transaction history, access, and security information (As long as assets are owned and once sold)				x
Invoices, purchase orders, and receipts (AP/AR)				x
Accounts payable ledgers & schedules				x
Accounts receivable ledgers & schedules				x
Sales records and journals				x
Petty cash vouchers				x
Tax returns (income, gift, estate, etc.)				x
Notes receivable/payable (bank loan documents, amortization schedule, etc.)					x
Inventories				x
Audits, reviews, and compilations (financial statements and workpapers)				x
Administrative records
Accident reports and claims (after settlement)				x
Conflict of interest disclosures (after conflict expires)				x
Company agreements/policies, minutes, and bylaws					x
Insurance documents and policies (after term ends)				x
Leases and contracts (after term ends)				x
Retirement records (401(k), pension, etc)					x
Shareholder documents, agreements, and contracts					x
Government notices				x
Dissolution or divorce					x
Power of attorney					x
Appraisals, valuations, and assessments					x
Property, real estate, patents, trademarks, copyrighted documents					x
W-9s					x
Trust, wills, and estates					x
Documentation supporting required health coverage for employees and non-subjection to Sec. 4980H assessable payments (for applicable large employers)					x
Litigation support projects (including workpapers)	x
Regulatory examination files				x
Reports filed with government agencies (including workpapers)				x

Importance of Digital Records

It is important to note that Revenue Proc. 98-25, issued by the IRS, recommends scanning paper documents and retaining the information digitally. In addition to complying with accounting standards, this will also increase efficiency when older files need to be reviewed.

Why Year-End Record Retention Matters for Business Success

Taking time for year-end record retention cleaning isn’t just about decluttering; it’s a strategic move to safeguard your business, streamline operations, and maintain compliance with regulatory standards. By following the recommended retention schedules and leveraging digital solutions, you can confidently keep only what you need and discard outdated files.

If you have questions or need support, EisnerAmper’s team is ready to help you optimize your document management process for the year ahead.