How long should payroll records be kept?

Payroll records should be kept for as long as they may be necessary for accounting and dispute resolution. Each company may decide on the period for which it keeps these records, but it is generally advisable to keep them for as long as possible.

Record keeping is an important aspect of any organization, and that is why it is encouraged that it be done using modern tools such as computers and the latest software. Record keeping can help a company with performance evaluation, dispute resolution and accountability. It is a good idea to preserve records for as long as they are deemed to be helpful, according to the IRS.