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What is the record retention time for personal or business tax returns? We collect these documents for loan underwriting purposes. – IBA Compliance Connection

What is the record retention time for personal or business tax returns? We collect these documents for loan underwriting purposes.

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We are not aware of a specific record retention requirement that would apply to tax returns collected by the bank as part of its underwriting processes. Whether you retain them and the duration of their retention are business decisions. As an example of a best practice, the IBA Record Retention Manual recommends retaining information collected in relation to a business loan for twenty-five months after the loan has been repaid.