Florida Financial Record Storage Chart is a comprehensive document used by financial institutions and organizations in Florida to outline the proper storage and retention periods for various types of financial records. This chart serves as a guideline and compliance tool for ensuring that records are stored securely and for the appropriate length of time. The Florida Financial Record Storage Chart is designed to assist institutions in complying with state regulations and guidelines as well as federal standards, such as the Gramm-Leach-Bliley Act (ALBA) and the Sarbanes-Oxley Act (SOX). It provides clear instructions on the types of financial records that must be stored, the duration of storage, and any specific requirements for maintaining confidentiality and data security. The chart categorizes financial records into different types, accounting for their sensitivity and importance. These may include but are not limited to: 1. Customer Account Records: This category covers personal information, account statements, transaction records, and any other data related to customer accounts. It outlines the minimum retention period for these records, which typically ranges from three to seven years. 2. Investment and Securities Records: Financial institutions dealing with investments and securities must adhere to specific retention periods for documents like trade confirmations, reportable sales, exemption documents, and other related records. The chart provides a breakdown of the duration for which these records should be maintained. 3. Tax and Audit Records: This section includes records related to tax filings, income statements, financial statements, and other documents necessary for audits. The chart outlines the recommended retention periods for these records, which often coincide with the Internal Revenue Service (IRS) guidelines. 4. Human Resources Records: Financial organizations maintain various employee-related records such as payroll records, benefits documents, performance reviews, and personnel files. The Florida Financial Record Storage Chart specifies the retention requirements for these records, ensuring compliance with state and federal employment regulations. Additionally, the chart may include further sub-categories such as Legal Records, Loan and Mortgage Documents, Insurance Records, and Vendor Contracts, among others, each with its specific retention periods and guidelines. The Florida Financial Record Storage Chart acts as a valuable resource for financial institutions, helping them stay organized, legally compliant, and reducing the risk of penalties or legal consequences related to record management. By following the outlined guidelines, institutions can maintain transparency, protect customer information, and ensure that financial records are readily available when required for audits, legal proceedings, or regulatory inspections.
Florida Financial Record Storage Chart
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Documents related to income These include bank statements, sales ledgers, receipts books, and more. According to the Companies Act, you need to retain these records for six years from the end of the financial year in which the transaction was made.
Keep all records of employment taxes for at least four years after filing the 4th quarter for the year. These should be available for IRS review. Records should include: Your employer identification number.
Under Fair Labor Standards Act (FLSA) recordkeeping requirements applicable to the EPA, employers must keep payroll records for at least three years.
KEEP 3 TO 7 YEARS Knowing that, a good rule of thumb is to save any document that verifies information on your tax returnincluding Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receiptsfor three to seven years.
Although payroll records should be retained for the current tax year plus the previous three years, many employers keep these records for six years. A major reason for this is that some payroll records, such as business expenses claims, are also 'accounting' records.
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.
According to Florida law, a physician is responsible for maintaining records for at least five years (64B8-10.002). Because malpractice lawsuits can be brought up to seven years after the date of an incident (eight years for some minors), physicians are encouraged to maintain records for the full seven years.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.
{Rule 6. Retention of records - The records referred to in rule 3 shall be maintained for a period of ten years from the date of cessation of the transactions between the client and the banking company, financial institution or intermediary, as the case may be.
Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to. The tax year: is the fiscal period for corporations.
