Yes, seven years. That's the general rule for how long a business should keep records. Are you keeping your records for long enough?

The Wisconsin Statue of Limitations requires businesses, professionals and individuals to keep records for certain time periods. Below is a list of time frames that may be helpful to you.

Document(s): CONTRACTS. How long to keep it? 6 years. (see Wis. Stat. § 893.43) If your company uses contracts, you will need to keep records of contracts and related notes for a minimum of six (6) years.

Document(s): MEDICAL RECORDS. How long to keep it? 3 years is the statute of limitations on Medical Malpractice lawsuits. (see Wis. Stat. § 893.55) The statute of limitations on contract-based lawsuits is longer (see above). It is recommended that physicians, medical offices, and health care providers keep medical documents, records, or contracts for a minimum of seven (7) years. If minors are treated at your medical office, you may be required to keep your records even longer (see Wis. Stat. § 893.56)

Document(s): ACCOUNTING RECORDS. How long to keep it? 6 years. (see Wis. Stat. § 893.66) If you work at an accounting firm, you need to keep records for six (6) years.

Document(s): TAX RECORDS. How long to keep it? At least 3 years, although in almost all cases it is smart to keep records for longer than 3 years. The government has three (3) years to audit your tax return, but there are several exceptions to this rule. Some exceptions have no time limit! For more information check out IRS Pub. 552

When determining how long to store your documents, you may want to check with your insurance agent. Your errors and omissions insurance policy may mandate a longer document holding period.

**The above guidelines are suggestions only and should not be considered legal advise. Only an attorney can interpret the law. Please consult your attorney for any legal advise. Laws are subject to change at any time. You may be contractually bound to longer time periods for document storage. Please carefully review your businesses or personal contracts when making a storage decision!

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