We have a small company getting ready to file bankruptcy and have been in business 20
+ years. Can you tell me how long and what records we need to hold onto.
You need to retain the records you would normally retain for IRS purposes (you have to retain these for 7 years anyway) . You should also retain your current accounts payable and accounts receivable records (copies of bills, and invoices) and any other documentation that you would have to attach to support the invoices to your customers. I would also retain shipping/receiving records for the last couple of years.
Ask your attorney if there is anything else he recommends. |
