Resources
Social Security Limits
2017 – $127,200
2018 – $128,400
2019 – $132,900
2020 – $137,700
SUTA
Louisiana – First $7,700.00 Taxable
FUTA
Louisiana – First $7,000.00 Taxable
Records Retention Schedule
Document | Retention Period | Document | Retention Period |
|---|---|---|---|
| Accident reports/claims (settled cases) | 7 years | Insurance policies (expired) | 3 years |
| Accounts payable ledgers & schedules | 7 years | Insurance records, accident reports, claims, policies, etc. | Permanently |
| Accounts receivable ledgers & schedules | 7 years | Internal audit reports (misc) | 3 years |
| Audit reports | Permanently | Inventory records | 7 years |
| Bank reconciliations | 2 years | Invoices to customers or from vendors | 7 years |
| Bank Statements | 3 years | Labor contracts | Permanently |
| By-laws, charter and minute books | Permanently | Mortgages, notes & leases (expired) | 7 years |
| Capital stock & bond records | Permanently | Notes receivable ledgers & schedules | 7 years |
| Cash books | Permanently | Payroll records, summaries & tax returns | 7 years |
| Chart of accounts | Permanently | Petty cash vouchers | 3 years |
| Check (cancelled except for those below) | 7 years | Proxies | Permanently |
| Checks (cancelled checks for important payments, special contracts, purchase of assets, payment of taxes, etc. Checks should be filed with the paper pertaining to the underlying transaction) | Permanently | Purchase orders | 3 years |
| Contracts & agreements | Permanently | Receiving Sheets | 1 year |
| Correspondence (legal and tax related) | Permanently | Retirement plan records | Permanently |
| Correspondence, general | 2 years | Safety records | 6 years |
| Deeds, easements, mortgages & bills of sale | Permanently | Sales records | 7 years |
| Deposit slips | 3 years | Stocks & bond certificates (canceled) | 7 years |
| Depreciation Schedules | Permanently | Subsidiary ledgers | 7 years |
| Employee Applications | 3 years | Tax returns, revenue agents' reports, work papers & other documents relating to determination of income tax liability | Permanently |
| Employee personnel records (after termination) | 7 years | Time card and daily reports | 7 years |
| Expense Reports | 7 years | Trademark registration, patents & copyrights | Permanently |
| Management Reports (year-end) | Permanently | Trial Balance (monthly) | 3 years |
| Garnishments | 7 years | W-2 forms | 7 years |
| General ledgers, year-end trail balance | Permanently |