From the course: Learning Document Retention and Data Management
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Legal requirements of document retention - SharePoint Tutorial
From the course: Learning Document Retention and Data Management
Legal requirements of document retention
- So let's talk about the legal requirements that have implications for any document retention policy. First, there is right of the Federal Government to audit your tax returns. Similarly, each of the states has a similar right. There's also the Model Business Corporations Act, which most states have adopted in some form and has certain requirements for what documents corporations need to keep. There are other federal laws, such as employment laws that require that certain information be retained. And finally, there may be industry specific requirements for your particular industry that require that you maintain certain information. This last topic is not something covered in this video. Let's take the Federal Audit first. We all know of the general rule to keep tax records for seven years. But why seven years? Where did that rule come from? Well, it came from the fact that the IRS has the right to audit your tax returns for a period of three years after they're filed, but this period…
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