Every business needs to have a good record retention policy. Certain documents need to be retained for the possible future use of taxing agencies. Other records which may have no statutory retention period may be essential in later years for historical or research purposes. Another consideration is the Sarbanes-Oxley Act (SOX) passed by Congress in 2002. SOX made it a crime to alter, cover-up, falsify, or destroy any documents to prevent its use in an official proceeding. The following are suggested appropriate guidelines.  Please consult your legal advisor before adopting a policy that best suits your organization.