Loading…
16
My CPA said to keep receipts for 7 years, my lawyer said keep them forever, who is right here?
Had lunch with my accountant Marta and my business attorney Dan on Tuesday and they got into it over document retention. Marta says 7 years covers you for IRS stuff, that's the rule she's used for 20 years with every client. Dan laughed and said that's fine until you get sued, then old emails and signed contracts from 2011 are exactly what saves you or buries you. He's seen a case in Dallas where a handshake deal from 9 years back decided a $180k dispute and nobody had the paper. So now I'm sitting on 11 boxes of old contracts in my garage and no clue what to actually keep. Do you shred on a schedule or just hoard everything forever?
0 comments
Log in to join the discussion
Log In0 Comments
No comments yet
Be the first to share your thoughts on this discussion.