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Time Sheet Records Retention

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INQUIRY: Can you tell me how long we need to keep Time sheet records? I have heard 4 yrs and several others. Not sure which is correct. Also expense reports?

RESPONSE: There are General Guidelines but other factors pertaining to the specific contractor and even contract type may come into play.  FAR 4.7 is the key reference on this issue.  Excerpts from FAR 4.7 listed below indicate that 2 years seems to be the answer however, many firms hold to the 4 years for most of their records, just in case.

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