time sheets

[Rewire]

How long should time sheets be retained? We have paper time sheets that get turned into the office and then matched to the dispatch log then time is entered into our payroll service. All data is stored and backed up but we have stacks of hand written time sheets.

 

[eHunter]

How long should time sheets be retained? We have paper time sheets that get turned into the office and then matched to the dispatch log then time is entered into our payroll service. All data is stored and backed up but we have stacks of hand written time sheets.

Ask the IRS and your state Department of Labor.
States have varying requirements for employee wage records retention.
The IRS may want to see the supporting documents if you are ever audited.
What does your accountant say?

 

[Smart $]

Ask the IRS...

Regarding small businesses and self employed...

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records?

 

[MichaelKelley]

2 Years

2 Years

Generally storing the time-sheet for two years is good as we may need something after one year as well, but I do not thing it is worth storing for more than that if you are clearing all your things at time.

 

[gadfly56]

Generally storing the time-sheet for two years is good as we may need something after one year as well, but I do not thing it is worth storing for more than that if you are clearing all your things at time.

You must be a gamblin' man. See Smart $'s reply above, follow the link and discover the correct answer is: 4 years. Unless you like visiting the local IRS office. Frequently.

 

[btharmy]

I got a call a few months ago from a fellow contractor. He found a time sheet from 1994 with my name on. He was on a service call in the maintenance office of a building I worked in as an apprentice. It is where my foreman faxed our time sheets to the office every week. Should I keep it or pitch it. :?