IRS Revenue Procedure 98-25, Section 5.01(1), states that taxpayers must retain machine-sensible records as long as their content may become material to the administration of internal revenue laws under Section 1.6001-1(e). This materiality continues until the expiration of the assessment limitation period for each tax year, including extensions. In certain situations, records should be kept for a longer period of time.
The purpose of IRS Revenue Procedure 98-25 is to specify the basic requirements to institutions that utilize computerized records that the Internal Revenue Service considers essential in cases where a taxpayer’s records are maintained within an Automatic Data Processing (ADP) system.
 FACTA |
Land Ban Act of 1994 |
| Federal Rules of Civil Procedure |
RCRA |
| Gramm-Leach-Bliley Act |
Safe Harbor Act |
| HIPAA |
Sarbanes-Oxley Act |
| IRS Revenue Procedure 98-25 |
SEC Regulation S-P |
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