Keeping corporate records is important for many reasons. It aids in tax return preparation, organizes receipts and is a tool for monitoring the growth of your business. Perhaps most importantly, it can prevent against accusations of fraud. Maintaining healthy records for all expenses and depreciating items can save a lot of time and heartache.

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Corporate tax records should be kept at least as long as the longest depreciation time. Depreciation is an income tax deduction that businesses may cite for the annual wear and tear of their property. If the corporation takes depreciation on a certain item for seven years, tax records should be kept for at least seven years. Corporations should also file tax records by year, so that they are easier to find in the event of an audit.

Keeping and maintaining all meeting minutes for the corporations is an important buffer against accusations of fraud. If the IRS suspects tax fraud, it can request meeting minutes in an attempt to discover evidence. Absent or incomplete records will hurt, not help, your business.

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