IRS Retention Requirment For Employer Tax Records

IRS Retention Requirment For Employer Tax Records

 

Per the IRS, Employers are required to keep all tax records for at least four years after filing the 4th quarter for the year and should be made available for IRS to review. The list below is directly from the IRS site for Employers to know what their tax records should include for record keeping.

IRS
Web Address: https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-recordkeeping
Records to Include:
  • Your employer identification number.
  • Amounts and dates of all wage, annuity, and pension payments.
  • Amounts of tips reported.
  • The fair market value of in-kind wages paid.
  • Names, addresses, social security numbers, and occupations of employees and recipients.
  • Any employee copies of Form W-2 that were returned to you as undeliverable.
  • Dates of employment.
  • Periods for which employees and recipients were paid while absent due to sickness or injury and the amount and weekly rate of payments you or third-party payers made to them.
  • Copies of employees' and recipients' income tax withholding allowance certificates (Forms W-4, W-4P, W-4S, and W-4V).
  • Dates and amounts of tax deposits you made.
  • Copies of returns filed.
  • Records of allocated tips.
  • Records of fringe benefits provided, including substantiation.