Record Retention Guide

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Payroll records to retain.

At least four years after due date of the filing of Form 941 of the fourth quarter.  For example.  You file the fourth quarter 2019 Form 941 on January 2020.  You would then keep all the 2019 payroll filings for at least four years ending January 31, 2024.

Include all items related to these payroll returns and related payment of the payroll taxes.  Include all Federal and State payroll returns, employee payroll journals showing the details on each payroll run, employee earnings reports, employee info including date employment began, Form W-4 (that contains the employee data), periods for which the employee was paid while absent from work for sickness or injury, details on paid fringe benefits and if the employee received tips, that info needs to be kept as well.