Businesses often ask us how long they should hold onto financial business records used for reporting, whether its gathered for audited financials, compilations, reviews, tax returns, etc. The Massachusetts Society of CPAs recently came out with a helpful handbook (see link below), which we have reviewed and determined would be useful for many of our clients and friends.
Please take note and read the introduction, as this handbook is not the final authority on retention. There are always special circumstances when it comes to reporting to your state(s) and the IRS. We are happy to answer any questions you may have and offer our own guidance; should you have any concerns please contact us.