Do you know how long you need to keep your HR and payroll records in New York? The NY record retention rules are different from the federal rules. Learn about the New York recordkeeping requirements for businesses.
Transcript:
My name is Larry Kagan. I’m the owner of Baron Payroll. And one of the questions I’m most often asked is, “How long do we need to keep our payroll records?”
So, by the end of this short video you will know what records you need to keep, the best way to keep them, and how long you need to keep them for.
So, if you were to Google how long do I need to keep my payroll records, you’re going to see numbers like two years to three years. And those are the federal statutes.
But you need to be aware that New York State has its own statute, and it requires companies to keep payroll records for six years.
So, what exactly do you need to keep? Do you need to keep every single payroll register? And do you need to keep every single payroll record, and all pay statements? Do you need to keep time records? Do you need to keep quarterly tax returns? What exactly do you need to keep?
Well after being in this business for over 35 years, one of the greatest things that Baron now offers is right on the pay statement itself, we have the timecard and the details of how that person was paid.
So, it’s going to show things like this person worked 57.16 hours, and it’s going to show the exact days in the pay period that they worked with the time in, the time out, and then it’s going to break it out to how much is regular, and how much is overtime.
So, the beautiful thing about this is everything is in one place. So, if you had records like this, just this one pay statement alone—you’re golden!
