Understand U.S. record keeping requirements for taxes, exports, healthcare, and employment. Learn retention rules from IRS, BIS, GIPS, OSHA, and EEOC - and how to avoid costly penalties.
Business & Finance: Essential Records, Compliance, and Tools for Smart Operations
When you run a business in the U.S., record keeping requirements, the legal obligation to maintain financial and operational documents for audits, taxes, and compliance. Also known as document retention policies, it isn’t optional—it’s a shield against fines, audits, and lawsuits. Many small business owners think they can get by with receipts in a shoebox. But the IRS, OSHA, and other agencies have clear rules, and ignoring them isn’t ignorance—it’s risk.
Take the IRS record retention, the federal guideline dictating how long you must store tax-related documents. You need to keep income tax returns and supporting records for at least three years. But if you underreported income by 25% or more? That clock stretches to six years. And if you file a fraudulent return? There’s no expiration date. Then there’s BIS export records, the documentation required when shipping goods overseas under U.S. export control laws. Missing one form can freeze your shipments, delay payments, or trigger an investigation. Even if you’re not selling abroad, you might still need these if you’re using foreign-made tech in your products.
It’s not just about taxes and exports. If you have employees, OSHA recordkeeping, the federal system for tracking workplace injuries and illnesses applies to you—unless you’re in a low-risk industry. And if you manage investments or advise clients, GIPS compliance, the global standard for investment performance reporting might be expected by clients, even if it’s not legally required. These aren’t just paperwork—they’re trust signals. Clients and auditors don’t ask if you’re organized. They see your records and decide if you’re credible.
There’s no one-size-fits-all checklist. A freelance graphic designer needs different files than a construction contractor or a SaaS startup. But the core is the same: know what you’re required to keep, why it matters, and how long to hold onto it. Skip this, and you’re gambling with your business’s future. The posts below cut through the noise. You’ll find exact retention periods, real-world examples of penalties, and simple systems to stay compliant without hiring a full-time accountant. No fluff. No jargon. Just what you need to avoid costly mistakes and run your business with confidence.