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Spring cleaning: Time to tidy up in Payroll!

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in Office Management,Payroll Management

Before spring fever sets in for real, why not clean up your payroll records? Careful: Be judicious in your culling; the IRS requires you to keep payroll records for at least four years after employees’ 1040s are due. Here’s what you can get rid of:

  • W-4s from employees who terminated prior to 2014
  • W-2s that couldn’t be delivered to employees prior to 2014
  • T&E reports and supporting documentation prior to 2014
  • I-9 forms for employees who terminated in 2015 or earlier
  • Lock-in letters for employees who terminated in 2016 or earlier
  • Depending on state record retention requirements, garnishment documentation, new hire reports and unclaimed wages reports prior to 2008.

Idea: Consider scanning paper copies before shredding them.

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