Navigating U.S. Invoice Storage and Retention: Federal, State, and Industry-Specific Rules Explained

In the U.S., invoice storage and retention are governed by a complex mix of federal, state, and industry-specific rules, with no single nationwide standard. Key federal requirements include the IRS’s general three-year retention rule, FAR’s three to four years, and SOX’s seven years for audit evidence. Healthcare invoices with Protected Health Information must comply with HIPAA, often requiring six to ten years of secure retention. Frameworks like SSUTA and DBNAlliance streamline processes but defer storage rules to state and federal laws. SOX impacts public companies by mandating strict control and retention of invoices as part of financial reporting.

Source: avalara.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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