Bank Secrecy Act – Documents generally must be retained for 5 years under the BSA/AML requirements but it is the type of documents that is so exhaustive: All CTRs and SARs for 5 years after filing; Records of every cashier and other official check of $3,000 or more for 5 years after issuance
Apr 28, 2020 · To ensure your PPP loan is forgiven, you must keep your accounting records up-to-date. Before you begin accounting for your PPP loan, check out these five tips. 1. Keep separate bank accounts. As a business owner, it’s good practice to keep a separate bank account for business. And, you should be doing the same thing when it comes to a PPP loan.