Q:
I was wondering if you could tell me how long you are suppose to keep credit
card statements having to do with customers?
Thanks for your help!
A:
Greetings. Regarding your credit card receipts from
customers, I presume you are thinking of your copy of the receipt that you give
to them. In actuality that information
is in the system so if you are worried about the IRS they most likely are not
going to look at the receipts so you can get rid of them. If you wanted to be safe… 3 years would take
care of you.
Another
reason to keep them three years is if in the future there might be employee theft.
The receipts could be used to show that they do not tie back to an altered
entry in the computer.
Watch
for our upcoming Red Flag webinar that we will be putting on in the next month
or so as this topic will be in the webinar.
