On 5/23/06, Jones, Virginia <[log in to unmask]> wrote:
>
> It depends on what value the tax records would have during a dissolution
> process.  What role would the tax records play or support?  Would 100 or
> 500 year old tax records have any value when closing or selling a
> subsidiary?  Remember, in the RIM world "forever" equals "permanent"
> which means "forever."  8-)  Would these records truly have any value
> 1000 years from now?  Is the company willing to expend financial and
> human resources to maintain, protect and preserve these records for 1000
> or so years?  Even establishing safeguards for these records for 100 or
> 500 years could be costly and should be justified by a recognizable
> value.
>


While I'd agree "forever" seems a bit long, I know that Corporations can be
audited for up to CY+25... so for business reasons, these should be retained
for a MINIMUM of that long.

As for tax records being of value related to a dissolution, I'd be more
inclined to hold copies of specific returns for years reflecting unusual
data beyond that time frame, or images of the returns. but not the actual
returns.

As a side note, for personal taxes, it's recommended that you retain CY+6
for audit purposes, and when you discard older returns, retain the W-2
statements in the event there's a question when you plan to retire about
social security payments made.  I personally know 4 people that have needed
these in the past 2 years.

Larry
-- 
Larry Medina
Danville, CA
RIM Professional since 1972

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