[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-177098-105":53,"doc-detail-177098-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","document-retention-policy-for-tax-practitioners","Document Retention Policy for Tax Practitioners","","Document Retention Policy for tax practitioners sets out firm-wide rules for retaining and securely storing information and documents in both paper and electronic formats. It explains the policy’s compliance purpose, including alignment with Internal Revenue Service requirements and the Gramm-Leach-Bliley Act safeguards rule, while defining what must be maintained (supporting work papers, client correspondence, and items of continuing significance). 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Drafts or documents not used in client work should not be retained.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How should firms handle client documents transmitted by email?",{"text":114,"@type":110},"Email attachments should be treated separately from email messages. Client-related email information relevant to tax returns or financial statements should be saved in a machine-readable format (e.g., PDF) in the appropriate source documents folder, and unsaved messages should be deleted.",{"name":116,"@type":107,"acceptedAnswer":117},"What are the retention periods for common firm and client records?",{"text":118,"@type":110},"Many firm operational and client record types are retained for specific periods, such as 7 years for annual/monthly financial reports, bank statements, and many client engagement records. 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A well-crafted and followed policy promotes efficiency, could assist the firm in the defense of a lawsuit and establishes compliance with federal and state laws that dictate retention of documents.\nThe following pages contain a template to customize and use to formalize your firm’s policies about retaining documents related to firm operations and client records.\nFirms should obtain the necessary counsel to confirm that all applicable federal, state, local and international regulatory requirements are met. Firms may need to consult with their liability insurance provider and/or legal counsel about their document retention policy.\nCustomize the following template for your firm’s specific policies.\nThis copyrighted resource is a product of the AICPA Tax Section and is intended solely for the use of individuals who belong both to the AICPA general membership and the AICPA Tax Section. Copying, sharing and distribution are prohibited. See our \u0013 HYPERLINK \"https://www.aicpa.org/privacyandterms/website-terms-conditions.html\" \u0014terms and conditions\u0015. For information about content licensing or firm use, please email \u0013 HYPERLINK \"mailto:copyright-permissions@aicpa-cima.com\" \u0014copyright-permissions@aicpa-cima.com\u0015.\n\u000f\nDocument Retention Policy\nDeveloped for:\n[Name of firm]\n[Address and contact information of firm]\n\u000f\nDocument Retention Policy\n[Name of firm] hereby denotes its policies regarding information and document retention. These policies apply uniformly to documents retained in either paper or electronic format.\nNote that [name of firm] complies with the Gramm-Leach Bliley Act’s safeguards rule and maintains a written information security plan (contained in a separate firm policy document).\nDocuments to be maintained\nWe will retain firm business records to comply with Internal Revenue Service requirements. In relation to the professional services we provide, our policy is to retain documentation necessary to support our work (including opinions, resolution of differences, conclusions and research utilized in analysis), our correspondence with clients, and our work product and items of continuing significance. Drafts or other documents not utilized in our client work should not be retained.\nDocuments transmitted as attachments via email should be considered separately from the email messages to which they are attached.\nOriginal client records will be returned to clients and will not be a part of our ongoing files.\nProcedures for client document storage\n[Describe at a high level the policy and procedures taken for document storage including retention periods of emails on email servers, if applicable. For example: Several guidelines will be followed to ensure that files are properly stored for easy retrieval and that client information is safeguarded. All client service information must be stored in the firm’s central system. Documents attached to and transmitted by email should be stored in a machine-readable format in the firm’s electronic document management system in the appropriate client folders. Those email messages that contain information pertinent to the completion of a tax return or financial statement, such as a client’s responses to a list of questions, should be copied in PDF or other machine-readable format and included in the source documents folder. Email messages not saved for filing in the correspondence file or other appropriate folder should be deleted.]\nRetention periods for firm operations and client records [customize all below as appropriate]\nFirm accounting records\nAnnual and monthly financial reports – 7 years\nBank statements and bank reconciliations – 7 years\nDepreciation schedules – 7 years\nEmployee expense reports – 7 years\nGeneral ledger detail – 7 years\nPayroll reports fil","cbCaiorlVyiLCWub","https://ap.wps.com/l/cbCaiorlVyiLCWub","docx",92467,"English","# Introduction\n## Document Retention Policy\n## Documents to be maintained\n## Procedures for client document storage\n## Retention periods for firm operations and client records\n## Destruction and control","[{\"question\":\"What documents must a tax practitioner firm retain under this policy?\",\"answer\":\"The policy requires retaining firm business records and documentation necessary to support professional services, including opinions, workpapers, client correspondence, and items of continuing significance. Drafts or documents not used in client work should not be retained.\"},{\"question\":\"How should firms handle client documents transmitted by email?\",\"answer\":\"Email attachments should be treated separately from email messages. Client-related email information relevant to tax returns or financial statements should be saved in a machine-readable format (e.g., PDF) in the appropriate source documents folder, and unsaved messages should be deleted.\"},{\"question\":\"What are the retention periods for common firm and client records?\",\"answer\":\"Many firm operational and client record types are retained for specific periods, such as 7 years for annual/monthly financial reports, bank statements, and many client engagement records. Some items are permanent (e.g., tax returns, certain corporate agreements), while litigation support workpapers may be retained for 3 years.\"}]","Document Retention Policy for Tax Practitioners | DOCX"]