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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12696
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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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: 11 months ago.
Category: Tax
Expert:  Lane replied 11 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