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In this episode, I'm tackling a listener question about document retention in our digital age. You know how we used to worry about keeping physical files for 3, 5, or 7 years? Well, now that everything's digital and stored in the cloud, does that change our retention strategy? Spoiler alert: it's way more complex than I initially thought! I'm breaking down both IRS guidelines for small businesses AND AICPA guidelines for accounting firms, plus sharing exactly what we do in our own firm.

What You'll Learn:

The difference between IRS requirements for small businesses vs. AICPA guidelines for accounting firms
How to create your own document retention policy (and why every firm owner needs one)
The logistics of offboarding clients while protecting yourself legally
What documents you should NEVER delete and what you can purge after 7-10 years

Resources mentioned:

Ask YOUR Questions at: http://speakpipe.com/ambitiousbookkeeper
IRS Publication 583 and 552
AICPA Guidelines
IRS.gov
Dropbox, OneDrive, Google Workspace, Google Drive
Canopy, Content Snare

For experienced bookkeepers & accountants:

Learn how to start your bookkeeping business in The Bookkeeping Business Accelerator®: https://www.ambitiousbookkeeper.com/bba
Grab my FREE Start your Bookkeeping Biz Checklist: https://www.ambitiousbookkeeper.com/checklist
Grab my FREE New Client Onboarding Templates: https://www.ambitiousbookkeeper.com/onboard

For new bookkeepers:

Learn the fundamental accounting skills in Katie Ferro's Become a Bookkeeper: https://www.katieferro.com/a/38894/2PQNgtvv

For online businesses:

Become a client at my firm, Of Course Financial: https://www.ofcoursebookkeeping.com/contact

Connect with us:

Visit our website: https://www.ambitiousbookkeeper.com
Follow the Blog: https://www.ambitiousbookkeeper.com/blog
Connect on Instagram: https://www.instagram.com/ambitiousbookkeeper
Connect on Threads: https://www.threads.net/@ambitiousbookkeeper
Connect on Facebook: https://www.facebook.com/serenashoupcpa

Podcast Publishing Tools we use:

Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llc
Descript: https://get.descript.com/u7lubkx09073 (affiliate link)
Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)

204 ⎸ Q: How long should we retain client documents?