Tuesday, June 5, 2012

HOW LONG SHOULD I KEEP PAYROLL RECORDS

Q: How long should my business keep payroll tax records?


A: Per the IRS, at least four years after the due date for employees to file their income tax returns for the particular year. Records to be retained include wages and payment dates and employee data such as names, Social Security numbers and addresses. Also copies of W-4 forms, payroll tax returns and valuation records for fringe benefits provided to employees.