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

Send us a text 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 firmsHow to create your own document retention policy (and why every firm owner needs one)The logistics of offboarding clients while protecting yourself legallyWhat documents you should NEVER delete and what you can purge after 7-10 years Resources mentioned:Ask YOUR Questions at: http://speakpipe.com/ambitiousbookkeeperIRS Publication 583 and 552AICPA GuidelinesIRS.govDropbox, OneDrive, Google Workspace, Google DriveCanopy, Content Snare For experienced bookkeepers & accountants:Learn how to start your bookkeeping business in The Bookkeeping Business Accelerator®: https://www.ambitiousbookkeeper.com/bbaGrab my FREE Start your Bookkeeping Biz Checklist: https://www.ambitiousbookkeeper.com/checklistGrab 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.comFollow the Blog: https://www.ambitiousbookkeeper.com/blogConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpa Podcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link) Get access to the Dubsado Decoded Private Podcast Series here>> And watch for the Summer Sale (20% off) Dubsado Decoded, the course happening July 7-13. DubsadoDecoded.com