SELECTSHRED | WHY AND WHEN TO SHRED YOUR CONFIDENTIAL DOCUMENTS
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It is the time of year again when everyone is trying to organize and that includes cleaning out old files, cleaning out storage facilities, and shredding all confidential information. We still find that many people are shredding because they have run out of space in their file cabinets or storage facilities. They are shredding because they cannot fit one more file in the file cabinet or one more box in the storage room. However, we continue to emphasize that security should be the main reason for you to shred your confidential documents. It is a liability if you keep documents longer than you are legally required to do so. Don’t simply keep your confidential information in unsecured boxes waiting to call a shredding company. Some businesses have records that they have kept – for no good reason – for decades. Then it’s a mad dash around this time to get rid of outdated files. The task is daunting for company employees as they sort through stacks of boxes from decades past.
Sometimes it is difficult to know what to keep and for how long, and the tendency is to keep documents for as long as we possibly can. However, space does become limited and forces us to make a decision. Some business documents and personal documents are required to be kept for one year to seven years, indefinitely or permanently. With all of these guidelines, there are always special circumstances to consider before permanently destroying legal, business, or financial documents. For example, vehicle records can be kept until the vehicle is sold and credit card receipts can be kept until reconciled on your bank statement.
Some examples of records retention for personal documents: bank statements (one year); utility records (three years); accident reports and claims (six years); filed income tax returns (indefinitely). Some examples of records retention for business documents: customers and vendors correspondence (one year); employment applications (three years); employment tax records (four years); cancelled checks (six years); tax returns and worksheets (indefinitely). These are just a few examples of multiple personal and business documents and generalized recommendations for the length of time that they should be kept. There are many guidelines for how long records should be kept and sometimes our own common sense must prevail because there will always be special circumstances. The important things to remember are to know the general guidelines pertaining to records retention with regard to federal laws, state laws, local government laws, professions, and industries. Also, it is advisable to check with your accountant and attorney before making the final decision to destroy your documents.
Identity theft and corporate espionage are ongoing threats that we must constantly fight to avoid. When it is no longer necessary to keep confidential documents, they should be shredded and never simply thrown in the trash. Shredding with a third party service such as a NAID AAA Certified Company that destroys the confidential documents at your location is your best guarantee to fight identity theft and protect your company’s proprietary information. For IRS recommended retention periods for business records, follow the link below.
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records
Richard Kinkead & Gloria Kinkead
SelectShred, Inc.
T: (772) 463-3166
