The Department of Labor has recently made an effort to step up their wage-enforcement audits. The Internal Revenue Service is making an effort as well, increasing audits of their own on many small business owners. And even if your company hasn't violated a single DOL or IRS rule, you could still face significant penalties for not maintaining the required records.

So which records are you required to keep on hand, and for how long? Read through our list of required documentation and be sure that you're covered in the event of an audit.