The Compliance Risks of I-9 Software. Compliance guidance is provided for certain types of records such as I-9 forms and OFCCP rules for federal contractors. For an overview of specific requirements by type of record, see:.
Employers need to understand the requirements of the law in the state s where their employees work and define internally what access is permitted in states where there is no regulatory requirement. Some considerations include:. A multistate employer needs a flexible policy, so it is applicable to all employees.
For example, a statement such as "Access to personnel files will be provided according to state law" is appropriate. Access to Employee Personnel File Policy. Employers must implement safeguards to protect personal employee information. Identity theft has become a top consumer fraud issue, and the Federal Trade Commission FTC reports that identity theft tops the list of consumer complaints that are reported every year. Every employer maintains records that are at risk of theft and misuse; therefore, employers should develop processes that protect this sensitive employee information.
How to Prevent Data Breaches. There are numerous federal and state laws that govern retention of employment records. Employers must ensure that all records are maintained, either in hard copy or electronically, for the minimum period of time required. Often, employers will use a 7-year rule for purging terminated employee files as this typically covers state and federal statutes of limitations; although shorter retention periods may suffice for some records such as I-9 forms and longer periods may apply to other records such as OSHA exposure records.
SHRM has a chart on federal record retention requirements to assist in identifying statutory requirements. How long should written warnings or counseling statements stay on file?
After a business closes, what do we do with company and employee records? While most record-retention requirements are dictated by federal or state statutes, there are some situations where no time period is prescribed. This uniform law has been enacted by a number of states and provides a general guideline in others, although employers should consult with legal counsel to determine their individual compliance obligations and suggested best practices. Once an employer has fulfilled the requirements to retain employment records, an effective disposal plan must be adhered to.
Simply tossing employment records in the trash creates a significant risk of theft or misuse of employee information that may result in regulatory investigations, fines, potential civil lawsuits, bad publicity and damage to the employer's brand. When employment records contain personally identifiable information PII such as a name, address, Social Security number, etc. You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page.
For accounting records and supporting documents relating to Year of Assessment YA and the earlier YAs, your company must retain the records for a period of seven years from the relevant YA. For YA and each subsequent YA the record-keeping period has been reduced from seven to five years. In other words you do not need to file income tax returns effective from the Year of Assessment For information about tax-deductible donations, please go to IRAS website.
Some IPCs have been authorised to issue tax deduction receipts. Upon receiving the tax deductible donations the IPCs should issue tax deduction receipts to the donors. IPCs have to maintain a record showing the particulars of every tax deductible donation received. The record should include the following items:. It is obligatory for charities to disclose the extent of their compliance with the Code of Governance. The Code of Governance provides these guidelines —.
If you have misplaced the Record of Payment and request a reprint a service charge will be levied. The Commissioner may require any employer to forward to the Commissioner a return giving the particulars requested. Under the Workplace Safety and Health Act the occupier must keep the following records in the workplace:.
An incident report must be submitted to the Commissioner of Workplace Safety and Health for all accidents, dangerous occurrences and occupational diseases.
Generally, you will need to keep the most common types of forms and documents, like employment and job application records, family leave documents, performance reviews, and benefit election documents, for three to five years, depending on the record and the state where your business is located. Workers' compensation records. Requirements and laws for retaining records on employees who are injured in the workplace vary by state, and you should check with the responsible state agency for guidelines on keeping these records.
On the federal level, the Occupational Health and Safety Administration OSHA requires businesses to retain records on workplace injuries for five years. Discrimination claims. Requirements for claims about discrimination also vary by state and the type of discrimination age, gender, race, disability, and so on.
Department of Labor, also have recordkeeping requirements for discrimination claims. Employee pension and retirement plans. You might want to permanently keep records for employees who receive pension or retirement plan benefits from your company plan to protect yourself if the employee files a claim many years after retirement.
In addition to pension and retirement plan documents, permanently keep business formation documents, corporate by-laws, annual reports, shareholder meeting minutes, and business licenses and permits to help explain to potential buyers, lenders, and others the actions and decisions you made while running your business. It can never be assigned to another business, and you should retain it permanently, even if you no longer operate your business.
If you have an "occurrence-based" insurance policy, you will want to keep it indefinitely. Occurrence-based policies insure you as long as the policy was in effect on the date that the event giving rise to the claim occurred. Should you discover damages or other losses after you have dropped or changed your policy, your coverage remains in effect.
By contrast, a "claims made" policy will cover you only if the policy is in effect when the claim is filed. You might also have leases for your business premises, insurance policies, and business loan records, among other documents. Leases and insurance policies can be used to help your negotiating position when it comes time to renew, and you will want to keep them until they are replaced.
You should retain lease and business loan documents that pertain to tax deductions for the seven-year period described earlier. Keep records of satisfied loans for seven years also. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return.
Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later. Are the records connected to property?
What should I do with my records for nontax purposes?
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