User Support Forum

For a loonnnnnngggg time I've been talking about having to retain Contribution data for at least three years.

As I prepare to assist with the W-2s for the church, and the first real year my wife has to file taxes as a full-time minister, I've been checking IRS publications that pertain to religious organizations, self-employment taxes, and so on.

While reading IRS Pub 1828, Tax Guide for Churches and Religious Organizations, I found on page 21 a few paragraphs on Recordkeeping Requirements. The publication says this:

Length of Time to Retain Records

The law does not specify a length of time that records must be retained; however, the following guidelines should be applied in the event that the records may be material to the administration of any federal tax law.

Records of revenue and expenses, including payroll records:
Retain for at least four years after filing the return(s) to which they relate.

Records relating to acquisition and disposition of property (real and personal, including investments):
Retain for at least four years after the filing of the return for the year the disposition occurs.

So, my bad .... maintain these records (and it looks like Income/Expense records under Funds Accounting) for four years at least.

thanks for the heads-up