How Long Should I Keep Paperwork?

I know most agencies say 60 days, but is it necessary to keep copies of the report for shops that I have already been paid on?

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I'm not a pack rat, but I've kept hard copies of notes and receipts for every shop I've done the past two and a half years. Probably not necessary to the MSP after we've been paid. As for the IRS, they can require records up to 7 years, depending on the circumstance. When in doubt, don't throw it out.

The MSPs have various requirements--generally specified in their ICAs. I am a packrat and find that it is useful to keep the most recent 3-6 months of shops handy. I have the equivalent of a milk crate hanging file to keep that stuff at hand. I just put receipts and paperwork in a monthly file along with check stubs I receive during the month. A file is for a single month. When the milk crate starts getting full, I pull out the 3 oldest months, throw them into a FedEx or UPS plastic bag/envelope (available in any of their drop boxes), write the dates on the front of the bag and throw it in a box. When the box gets full it is dated and put in the attic. I'm sure that attic heat has rendered all receipts on thermal paper illegible, but I've got the paper and so if IRS comes calling they can see the original as well as the scan of the thing. I probably will never need any of this stuff after I got paid, but I am complyng with ICA and IRS.

I have cartons of paperwork going back to 2001 and a few items that are earlier than that.

Her Serene Majesty, Cettie - Goat Queen of Zoltar, Sublime Empress of Her Caprine Domain

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Edited 3 time(s). Last edit at 10/06/2009 03:50AM by surveygrrll.

One of the nice things about my DVR is that I can save the voice files to my computer. When a shop was not a reasonably good report I just save the recording as well. Although I scan business cards and receipts to upload, I do keep the originals with notes and paperwork for the job all stapled together. The paper load is not that huge--one moderately thick file folder per month--and when my 1'square bin of paperwork starts getting tight, I shove a few months' folders into a plastic shipping bag from UPS or FedEx, label it, seal it and stack it on the shelf. When the shelf gets full the oldest bags go in a box to the attic. With more than 5 years and several thousand jobs, there are only 2 boxes in the attic thus far. The stuff is out of my way, available if needed and if I ever move there will be quite a bonfire.

I keep all DVR files with the electronic copies of the reports and other electronic media, such as scans, instructions, photos when required, etc.

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How Long Should I Keep Paperwork?

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