Posted by Retsing on 1/2/11 11:28am
Msg #366727

DeClutter

I think I'm keeping copies of assignments way to long and would love to shed alot of paper.
How long do you all keep copies of assignments, etc.?

Reply by Shoshana/AZ on 1/2/11 12:25pm
Msg #366735

Way too long! n/m

Reply by Retsing on 1/2/11 12:30pm
Msg #366736

3 months, 6 months, one year?

Reply by Shoshana/AZ on 1/2/11 12:32pm
Msg #366737

Until I decide to clean up my desktop. Actually, once I get paid and log it in to my report it's of no more use to me.

Reply by Retsing on 1/2/11 12:34pm
Msg #366738

Thanks. That confirms others retention practices.

Reply by Linda_H/FL on 1/2/11 12:59pm
Msg #366739

What's the IRS audit period? That's how long

I'd keep them - just to play it safe. I'd say maybe 7 years minimum....

MHO

Reply by Ilene C. Seidel on 1/2/11 1:15pm
Msg #366741

Re: What's the IRS audit period? That's how long

I scan them in just in case there's a problem with the loan. Then shred them. And of course a backup, always.

Reply by Moneyman/TX on 1/2/11 3:35pm
Msg #366755

Same here. Digital copies of everything with backups. n/m

Reply by Shoshana/AZ on 1/2/11 1:16pm
Msg #366742

Re: What's the IRS audit period? That's how long

Since I declare ALL my notary income, I am always paying taxes on more income than my 1099s state. That's why I feel like my spreadsheets are enough.

Reply by KODI/CA on 1/2/11 1:26pm
Msg #366744

Re: What's the IRS audit period? That's how long

IRS recommends all invoices, bills, expenses, be kept 3 years. In addition, w-2,s' 1099's, and any other income documents that show income to be counted by Social Security should be kept until you actually collect Social Security. Purpose is to verify that you are getting all of the monies that you deserve.

Reply by JulieD/KS on 1/2/11 1:42pm
Msg #366745

Re: What's the IRS audit period? That's how long

If you haven't been contacted within 28 months after filing a return, it's a safe bet you will not be audited, since the auditor has to have time to finish up by the 3-year time period (unless you agree to extend that time period). The only time they will audit beyond that 3-year period is if they suspect you of fraud.

I keep documentation for 3 years. When that 3-year period is up, into the shredder it goes.
Bye bye clutter.

Reply by Retsing on 1/2/11 1:57pm
Msg #366746

Re: What's the IRS audit period? That's how long

I keep all the expenses, invoices, etc. but just want to get rid of the individual assignment sheets, maps that have the mileage, etc.

Reply by JanetK_CA on 1/2/11 3:40pm
Msg #366757

Re: What's the IRS audit period? That's how long

I keep a file folder for each client and confirmations with invoices go into the file. For key customers where the files tend to fill up, I purge at the end of the year (or sooner, as needed) and stash them in "bankers boxes" and stick them in a closet or my garage. Fortunately, my office has a big closet so space hasn't been an issue, but I may decide to begin shredding anything past seven years old.

What I like about this system is that it is very useful for the other guys - the clients that don't call me as often. When I get a call from one of them, I can go right to my file and immediately find a record of my past history of working for them, along with special notes of things to watch out for. It can be very enlightening re: fees, excessive requirements, etc., etc. This may be overkill - and it's certainly not the most technologically advanced - but it's worked for me and been helpful enough times that I'm not going to be in a hurry to change it. (Pulling out the folders for companies that are no longer in business has also helped pare down the files a good bit over the past several years...)

I print duplex for confirms and anything else that may end up in my files. That saves lots of space, as you can imagine. And I use a different system for mileage so that I don't save maps (unless they're on the back of the confirm sheet.) I also purge repetitive instruction sheets, etc.

As for the IRS audit period, I figure better safe than sorry. I'm no expert, but I've heard that if someone gets audited, it increases the likelihood that the IRS will go back and audit previous years - and that may be where the seven years comes into play. In fact, I think I've heard that they could theoretically go back as far as 10 years, but I don't know if that's true.

Reply by HisHughness on 1/2/11 3:25pm
Msg #366754

Well, maybe even longer

There are considerations other than IRS in deciding how long to retain records.

Signing agents are involved in transactions affecting what is the average person's largest single investment, his home. Those transactions typically occur over a period of many years, most often 30. And in today's climate, they are often the subject of litigation, which means that the signing agent, as a part of the transaction, may also be involved in the litigation.

Even if it is not a real estate transaction, many notarizations involve transactions that have statutes of limitation that extend well beyond three years. In Texas, for example, the limitation on notes is four years. You can find the statute of limitations for your state here: http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

I keep records for seven years. Ideally, it would be for 30, but, in the most pertinent observation of the flea to the elephant, "There just ain't no way." In my particular case, let 'em sue 30 years from now; I'll be 103. What are they going to get -- my unused Depends and a set of false teeth that no longer fit?

Reply by Julie/MI on 1/2/11 2:16pm
Msg #366748

I never even print the confirmation!

Filing is not fun nor is shredding. The only thing I keep is the check stubs which go in shoe boxes.

Once I receive payment I delete the confirmation because I detest a cluttered Outlook.

Reply by GOLDGIRL/CA on 1/2/11 3:21pm
Msg #366752

I have a printout of every signing order I've ever done - complete with borrower's name, address, stapled copy of return courier label, any notes regarding signing location, confirmations, etc. etc. These fill about 4 or 5 boxes that once each held 10 reams of letter-size paper. It's sort of like a loan signing cemetery. It's SICK, I admit. I've never once looked at any after they went in the box - maybe if I didn't get paid - but then I have the e-mail with docs, which I keep until I get paid, then delete. This is clearly no help to anyone seeking a sensible approach to record-keeping.

I admit I have that hoarder instinct, plus I'm a big genealogist (we live for names and dates), I do stockpile sewing fabric. Compounded by the fact I'm kind of sentimental and nostalgic, I've clearly got all the genes for excessive storage of needless stuff. (I do find, however, that the moment I throw something out that I haven't touched for years, I suddenly NEED it!)

Reply by jba/fl on 1/2/11 7:58pm
Msg #366780

"The only thing I keep is the check stubs which go in shoe boxes."

Hah! Another shoe box'er! Now I understand why the wire baskets aren't cutting it for me - the clutter shows.