DURING PERIOD refers to actual hours worked, injuries or lost days during the actual period that the data is being calculated. 2. The number of hours worked includes all part time or seasonal workers, overtime and Z-time. It does not include time paid which is not. worked such as vacation, holiday, illness, leave of absence or unassigned days. 3. The number of cases with lost work time as defined by OSHA.
For example your company is obliged to keep all information relevant for VAT purposes for as long as six years. That means that any emails dealing with VAT must be kept for that period as a minimum. Of course financial records arenât the only pieces of information subject to these kinds of laws.
Income Tax Records. The Internal Revenue Service requires companies to keep business tax returns and supporting documents for a minimum of three years from the time of filing. During this time, the return can be amended or audited. If you failed to report income, however, the IRS can come after your business for up to six years. If the business took a deduction for a worthless security or bad debt, the IRS can pursue the issue for seven years. To be safe, a business should keep tax records in its permanent files. If that's not possible, tax records should be kept for seven years to account for most scenarios where the records might be needed. Payroll Tax Records The IRS recommends businesses keep all employment tax returns, substantiating documents and proof of withholding tax payments for at least four years after the return was filed or the taxes were paid, whichever is later.