My dad owns an oil company in China, but he just dissolved the branch company in

Question

My dad owns an oil company in China, but he just dissolved the branch company in the US due to the falling petroleum price. He knows the retention period for the accounting file is usually 7 years and he just wonder which agency have the authority to keep these files in storage during the retention period? My dad owns an oil company in China, but he just dissolved the branch company in the US due to the falling petroleum price. He knows the retention period for the accounting file is usually 7 years and he just wonder which agency have the authority to keep these files in storage during the retention period?

Explanation / Answer

There are two types of records to be maintained : temporary and permanent. The instructions provided regarding each of the records are : The temporary files after the tax assessment should be moved to off-site storage of the company and all the temporary records must be destroyed or deleted, whereas permanent records are to be maintained for 7 years and transferred to the National Archives and Record Administration (NARA).

The General Accounting Office should approve the Schedules which are to be preserved, especially those data relating to financial management, claims, and other related matters.

The NARA not only approves the retention periods of mandatory schedules but also authorize the systematic removal of unneeded records from Federal offices.

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