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Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 100580
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I closed my business on October 27, 2012. Which pertinent documents

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I closed my business on October 27, 2012. Which pertinent documents do I have to keep and for how long? My rooms are full and I believe I am keeping too much junk that the IRS would not be interested in if it should ever be the case.
Submitted: 3 years ago.
Category: Legal
Expert:  Ely replied 3 years ago.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

Can you please tell me:

1) What state is this in?
2) Was your business an LLC/corporation, or not?
Customer: replied 3 years ago.
I am in Florida. It is a Corporation. In 2011 we sent in our completed irs statement with the notice that the business was closed and that this was the Final.
Expert:  Ely replied 3 years ago.
Thank you, S.

See here for IRS and here (under "Record Keeping") for Florida.

In the unlikely scenario that IRS would pursue you, it would have up to 7 years to do so, wherein no statute of limitations for any unpaid taxes. Florida has similar statutes.

Thus, most businesses tend to keep documents for 7 years. While there is no requirement to do so, they do so out of the unlikely possibility of audits, etc.

I hope this clarifies. Good luck.

Gentle Reminder: Please use the REPLY button to keep chatting, or RATE and submit your rating when we are finished.
Customer: replied 3 years ago.

I understand that. The specifics is what I am looking for. bank statements yes.

what else - Payroll statements? invoices? receipts? Daily sales and purchases? or do I have to go to the links for these things

Expert:  Ely replied 3 years ago.
My sincere apologies for the wait.

what else - Payroll statements? invoices? receipts? Daily sales and purchases? or do I have to go to the links for these things

Everything. Because any item can possibly be used to show that no fraud/non-payment has been committed, the consensus is that the best thing to do is to keep EVERYTHING for 7 years at least.
Customer: replied 3 years ago.
Thanks, XXXXX XXXXX I'll go to the links you gave me.
Expert:  Ely replied 3 years ago.
S,

Well the links would be as generic as well when it comes to specifically WHAT documents to save, but, they would give you a better idea, if this is what you mean.

You are very welcome. Good luck, and please don't forget to rate my answer in one of top three faces and then SUBMIT – it is the only way I get credit for my time with you – or, please REPLY to keep on chatting – I want you to be satisfied.
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