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Just in time for spring cleaning, the Social Security Administration and the IRS
have issued a joint publication -- the Spring 2015 issue of SSA/IRS Reporter -which offers valuable pointers for employers who want to clean up their old
payroll files. In most (but not all) cases, that means following a four-year
retention rule.
The Reporter cautions that failure to meet record retention requirements can
result in sizable penalties and large settlement awards for employers that are
unable to provide the required information when requested by the IRS or as
part of an employment-related lawsuit. (Records could also be requested by
state agencies.)
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Employers should also follow the four-year retention rule for records relating
to wage continuation payments made to employees by the employer or third
party under an accident or health plan. Such records should include the
beginning and ending dates of the period of absence, and the amount and
weekly rate of each payment (including payments made by third parties).
Employers also should keep copies of the employee's Form W-4S, Request for
Federal Income Tax Withholding From Sick Pay, and, where applicable, copies
of Form 8922, Third-Party Sick Pay Recap.
A different rule applies for records substantiating any information returns and
employer statements to employees regarding tip allocations. Under the tax
code, these records must be kept for at least three years after the due date of
the return or statement to which they relate.2
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Note: Tax code provisions regarding fringe benefit records do not specify how
long records pertaining to specified fringe benefits should be kept.
Presumably, they are subject to the four-year rule under the records-ingeneral rule cited above, and thus should be kept at least four years after the
due date of such tax for the return period to which the records relate or the
date such tax is paid, whichever is later.
Caution: To the extent that any fringe benefit records must also comply with
ERISA Title I, then a longer retention period of six years applies.4
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Section 31.6001-1(e)
2 Code Section 31.6053-1(l)
3 Code Section 6039D(b)
4 ERISA Section 107
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