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Social Security Limits

2017 – $127,200

2018 – $128,400

2019 – $132,900

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 yearsInsurance policies (expired)3 years
Accounts payable ledgers & schedules7 yearsInsurance records, accident reports, claims, policies, etc.Permanently
Accounts receivable ledgers & schedules7 yearsInternal audit reports (misc)3 years
Audit reportsPermanentlyInventory records7 years
Bank reconciliations2 yearsInvoices to customers or from vendors7 years
Bank Statements3 yearsLabor contractsPermanently
By-laws, charter and minute booksPermanentlyMortgages, notes & leases (expired)7 years
Capital stock & bond recordsPermanentlyNotes receivable ledgers & schedules7 years
Cash booksPermanentlyPayroll records, summaries & tax returns7 years
Chart of accountsPermanentlyPetty cash vouchers3 years
Check (cancelled except for those below)7 yearsProxiesPermanently
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)PermanentlyPurchase orders3 years
Contracts & agreementsPermanentlyReceiving Sheets1 year
Correspondence (legal and tax related)PermanentlyRetirement plan recordsPermanently
Correspondence, general2 yearsSafety records6 years
Deeds, easements, mortgages & bills of salePermanentlySales records7 years
Deposit slips3 yearsStocks & bond certificates (canceled)7 years
Depreciation SchedulesPermanentlySubsidiary ledgers7 years
Employee Applications3 yearsTax returns, revenue agents' reports, work papers & other documents relating to determination of income tax liabilityPermanently
Employee personnel records (after termination)7 yearsTime card and daily reports7 years
Expense Reports7 yearsTrademark registration, patents & copyrightsPermanently
Financial Statements (year-end)PermanentlyTrial Balance (monthly)3 years
Garnishments7 yearsW-2 forms7 years
General ledgers, year-end trail balancePermanently