What is the record retention period as per the banks policy?
A bank must retain the identifying information about a customer for a period of five years after the date the account is closed, or in the case of credit card accounts, five years after the account becomes closed or dormant.
How long do you have to keep accounting records in Texas?
Tax Records – 4 to 7 Years Revenue forms such as transcript sheets, cash register receipt tables, folios, financial statements, complete bookkeeping systems such as cash sheets, general ledgers, profit and loss records, must all be kept for four (4) years. This also includes registration cards and folios.
What records must be retained according to BSA?
Bank Secrecy Act – Documents generally must be retained for 5 years under the BSA/AML requirements but it is the type of documents that is so exhaustive: All CTRs and SARs for 5 years after filing. Records of every cashier and other official check of $3,000 or more for 5 years after issuance.
When should CTR be filed?
within 15 calendar days
Filing and Record Retention A completed CTR must be electronically filed with FinCEN within 15 calendar days after the date of the transaction.
What does a record retention schedule contain?
A records retention schedule is a policy that defines how long data items must be kept and provides disposal guidelines for how data items should be discarded.
How far back can a Texas sales tax audit go?
four years
Taxpayers must keep all records for a minimum of four years. The Comptroller’s office may audit for periods longer than four years if a business was not permitted but should have been or if fraud has been detected.
What records need to be kept permanently?
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.