How long should agribusiness business owners retain records?

By Brian Ravencraft

When managing a farm or agribusiness, keeping accurate and organized records is essential—not just for legal compliance but also for maintaining smooth business operations. I often get asked, “How long should I really retain all of these records?” For this month’s article, let’s look at the basics:

IRS guidelines for tax records

The IRS recommends retaining all tax records for at least three years after filing your return. However, in some situations, you might need to keep them for a more extended period. Business owners may want to keep those records within reach for a longer period if bad debts were reported, or other out-of-the-ordinary circumstances were in play. Remember, keeping tax records from past years handy will be crucial should you be audited.

Payroll record rules for employee data

The Fair Labor Standards Act (FLSA) requires keeping payroll records for at least three years, while supporting documents like timesheets should be held for two years.… Continue reading