Moceri Minute

How long should your business keep payroll records?

At least four years after the due date of the employees to file their income tax returns for a particular year. Information to be retained includes wage amounts, payment dates and employee data such as names, dates of employment, Social Security numbers and addresses. Also copies of all W-4 forms and payroll tax returns, amounts, and dates of tax deposits, plus records of tips earned by workers and fringe benefits provided to employees.