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lwpat
lwpat, Attorney
Category: Business Law
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Experience:  Attorney with over 35 years of business experience.
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I would like to know if the W2 records that businesses are

Customer Question

I would like to know if the W2 records that businesses are required to keep have to be documents (hard paper copies)?

Is keeping payroll history on computer that contains all the information to create old W2s manually sufficient.

Currently we are keeping images of W2 s on computer in case they are required. We want to eliminate that except for the current year since it is taking to much disk space and causing some technical probems. We want to keep payroll history only.

Please advise

Thank you

Ray
Submitted: 5 years ago.
Category: Business Law
Expert:  lwpat replied 5 years ago.

They don't have to be hard paper copies but what is wrong with printing them out and filing them with the rest of your paper records? If you don't want to do that you need to be keeping backups offsite either in hard disks or with a backup service. Simply transfer to your back up system.

 

But to answer your question you do not have to keep hared copies or any copies at all as long as you have the payroll records and can easily reconstruct your W-2's.

Customer: replied 5 years ago.
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July 4 2009 at 5:04 PM (52 minutes and 13 seconds later)They don't have to be hard paper copies but what is wrong with printing them out and filing them with the rest of your paper records? If you don't want to do that you need to be keeping backups offsite either in hard disks or with a backup service. Simply transfer to your back up system.



But to answer your question you do not have to keep hared copies or any copies at all as long as you have the payroll records and can easily reconstruct your W-2's.


Thank you for your answer.

We supply payroll software which prints the W2s, etc. Our customer would normally print them or file them electronically or both. We save images of the W2 so that the customer can print them easily. But saving all the images takes up too much space and we want to drop the backup of old W2 images and keep only the current one.

I am glad to learn that if we keep the payroll records that can be used to re-create the W2s, then we have met the IRS record retention requirements. I assume this applies to other forms like 941, 1009.

Please confirm and I will be satisfied.

Ray


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Expert:  lwpat replied 5 years ago.
I understand. This would also apply to other forms like the 941 and 1099. Not sure about your software but what we use does not save the actual images. We can go back to any quarter and the software will simply recalculate it for us and bring up the image for printing. We then print it out and keep a hard copy for our records. There is no need to actually save the image and I can see where that would take up a lot of space. Most people report elecronically now anway.
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25384
Experience: Attorney with over 35 years of business experience.
lwpat and 12 other Business Law Specialists are ready to help you
Customer: replied 5 years ago.
Thank you
Expert:  lwpat replied 5 years ago.
You're welcome

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