The IRS mandates that bank statements and canceled checks of a business be retained permanently.

Question

Quizplus · Accepted Answer

The IRS does not require bank statements and canceled checks to be retained permanently. Generally, financial records should be kept for at least three years, but certain documents should be kept longer such as tax returns, contracts, and deeds. It's always best to consult with a tax professional or accountant for specific record-keeping requirements for your business.

The IRS Mandates That Bank Statements and Canceled Checks of a Business