How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10877
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

How long are you required to keep 941 records?

Customer Question

How long are you required to keep 941 records? I am requesting documentation from 2008 from a business. Should they still have these documents?
Submitted: 3 months ago.
Category: Tax
Expert:  Lane replied 3 months ago.
sorry, no. Although, the best practice would be to keep for much longer (because of the lack of any real statute of limitations on the trust fund penalty – penalty for not paying payroll taxes withheld from employees). IRS only recommends four years. See this:
https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-recordkeeping