•At the bare minimum PRINT and keep paper records/copies of tax forms, payroll ledgers, and payroll check listings covering each tax year; in addition to time cards, W-4 forms, and other records federal, state, and local governments require.
•Since the IRS currently requires retention of W-2/W-3 forms for four years, a four year, at minimum, retention plan for payroll records is needed.
•Check with every taxing agency you report to in case you are subject to a longer retention period.
•Medlin has no access to your data. We cannot provide a copy of your data should it be lost.
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REMEMBER - Having the ability to print items from a prior year does not relieve you of the requirement to PRINT and keep paper records. Relying on your computer - or any non-paper method - to comply with IRS data retention laws is very complicated and cumbersome for the employer.