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Document Disposal Day Scheduled for Peotone

Beecher, Illinois (July 30, 2012) - On September 15, 2012, we will host our semi-annual Document Disposal Day at our Peotone Financial Center from 9-11:00 a.m. We invite everyone to bring their unneeded confidential information to be shredded on site for free. Shredding your personal information will greatly reduce the risk of it being obtained in order to steal your identity.

One often-asked question is "how long should I keep my information/records/documents etc.? The answer is it depends on the document. According the Internal Revenue Service, "you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund or the IRS can assess additional tax.1" The following page contains a chart of common personal and business documentation and the recommended retention period. The retention period refers to the number of years from the date the tax return was filed.

When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does. If you determine that you no longer need certain documents, it is always recommended that you destroy them to prevent others from obtaining that information. Shredding is the recommended way of destroying documents.

Mark September 15 on the calendar and visit us in Peotone to destroy your confidential information along with any chance of it being misused to compromise your identity. For more information, please call us at 708/258-0530 or 708/946-2246.

Recommended Record Retention Periods

(Source: Internal Revenue Service)

Accident reports/claims (settled cases) 7 yrs.
Accounts payable ledgers & schedules 7 yrs.
Accounts receivable ledgers & schedules 7 yrs.
Audit reports Permanently
Bank reconciliations 2 yrs.
Bank statements 3 yrs.
Capital stock & bond records: ledgers,
transfer registers, stubs showing issues,
record of interest coupons, options, etc Permanently
Cash books Permanently
Charts of accounts Permanently
Checks (canceled – see exception below) 7 yrs.
Checks
(canceled for important payments – i.e., taxes,
purchases of property, special contracts, etc.
Checks should be filed with the papers
pertainingto the underlying transaction Permanently
Contracts, mortgages, notes, & leases (expired) 7 yrs.
Contracts, mortgages, notes, & leases
(still in effect) Permanently
Correspondence (general) 2 yrs.
Correspondence (legal/important matters only) Permanently
Correspondence (routine) with customers
and/or vendors 2 yrs.
Deeds, mortgages, & bills of sale Permanently
Depreciation schedules Permanently
Duplicate deposit slips 2 yrs.
Employment applications 3 yrs.
Expense analyses/expense distribution schedules 7 yrs.
Financial statements
(year-end, other optional) Permanently
Garnishments 7 yrs.
General/private ledgers,
year-end trial balance Permanently
Insurance policies (expired 3 yrs.
Insurance records, current accident
reports, claims, policies, etc Permanently
Internal audit reports
(longer retention periods may be desirable 3 yrs.
Internal reports (miscellaneous 3 yrs.
Inventories of products, materials, and supplies 7 yrs.
Invoices (to customers, from vendors 7 yrs.
Journals Permanently
Minute books of directors, stockholders,
bylaws, and charter Permanently
Notes receivable ledgers & schedules 7 yrs.
Option records (expired) 7 yrs.
Patents & related papers Permanently
Payroll records & summaries 7 yrs.
Personnel files (terminated) 7 yrs.
Petty cash vouchers 3 yrs.
Physical inventory tags 3 yrs.
Plant cost ledgers 7 yrs.
Property appraisals by outside appraisers Permanently
Property records, including costs, depreciation
reserves, year-end trial balances, depreciation
schedules, blueprints, & plans Permanently
Purchase orders (except purchasing department copy) 1 yr.
Purchase orders (purchasing department copy) 7 yrs.
Receiving sheets 1 yr.
Retirement & pension records Permanently
Requisitions 1 yr.
Sales commission reports 3 yrs.
Sales records 7 yrs.
Scrap & salvage records (inventories, sales, etc.) 7 yrs.
Stenographers' notebooks 1 yr.
Stocks & bonds certificates (canceled 7 yrs.
Stockroom withdrawal forms 1 yr.
Subsidiary ledgers 7 yrs.
Tax returns & worksheets, revenue agents' reports,
and other documents relating to determination
of income tax liability Permanently
Time books/cards 7 yrs.
Trademark registrations and copyrights Permanently
Training manuals Permanently
Union agreements Permanently
Voucher register & schedules 7 yrs.
Vouchers for payments to vendors, employees, etc.
(includes allowances and reimbursement of
employees, officers, etc., for travel and
entertainment expenses) 7 yrs.
Withholding tax statements 7 yrs.

*The retention period is the number of years from the date the tax return was filed. All material presented is for general information only and should not be acted upon without professional assistance.

About First Community Bank and Trust
First Community Bank and Trust is a privately owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 95 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.

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Press Contact:
Steven D. Koehn, VP
First Community Bank and Trust
(708) 946-2246