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Tax tips from Elmwood Records Center

The Internal Revenue Service (IRS) requires that you keep certain tax records for certain time periods and other records for different time periods.

Tax time can be very stressful for any business. Small business owners in many cases do everything for their company. Large companies have a department to handle only the financial part of the business. Keeping up with your record keeping throughout the year is vital for a smooth tax audit. Here are a few tips from the IRS  to help you prepare for tax season.

Set up a Good Accounting Software System- If you want to keep good tax records, the first thing to do is have a good accounting software system in place. You have to keep good accounting records in order to keep good tax records.

Remember That you Have the Burden of Proof When it Comes to Your Business Taxes- When you make an entry, such as income, expenses, and deductions, on your tax return, you have what is known as the burden of proof for them. You have to be able to prove that you are entitled to certain deductions and expenses in order to be eligible to take them as deductions.

Good Record Keeping Starts with the Source Documents for Accounting Journals-The original paper documents should be kept with the ledgers where you record the transaction. As a backup, in case of fire or other disaster, each source document should be scanned into the correct computer file and be stored on a flash drive.

How Long Should you Keep Your Tax Records? According to the Internal Revenue Tax Code, you must keep your records as long as they may be needed for administration of any part of the tax code.

Don’t stress next year- Start this year off right with Professional Records Management.

Professional Records Management can be affordable for every size business. Contact Matt for your Records Practices Audit. MattGlaviano@elmwoodrecords.com or (504) 415-1407

(Tax tips are from http://www.irs.gov/. )

It’s Time to Purge your Business Records

Every year after Thanksgiving, businesses all over the world clean out older files and make space for the new year. It’s time to set a date for your “Purge Party”. One thing I know you will need is Records Storage Boxes. Why pay more for lower quality at the big name stores?

Elmwood Records Center has heavy duty records storage boxes that are made to last. Order your boxes today. Special pricing for volume discounts and delivery are available. Call Matt Glaviano, Elmwood’s Records Analyst at 504-826-9090 or email him at mattglaviano@elmwoodrecords.com to place your order now.

Why your Organization needs a Records Management Program


Written by: 
Allen Podraza ECMp, ERMp, SharePoint p

Do you know what records your organization must keep and for how long, to comply with federal and state statutes and regulations? Have you identified and preserved your organization’s vital records ensuring they are available in case of disaster? If you are involved in litigation, do you know where your organization’s electronically stored records are located and how they can be searched and accessed? If your organization completes an IRS Form 990, will you be able to answer “yes” to the question asking whether your organization has a records management program in place?

READ MORE 

Between 70-80% of an organization’s processes are still being managed on paper.

Isn’t it time you looked in records management?  No Job is Too Big or Too Small!


Small Business Packages

    Accounts will automatically upgrade to the next business package once the box quantity exceeds the current package limit and the monthly fees and services will apply accordingly. Once an account exceeds the 200 box threshold of the Platinum Package the account will automatically upgrade to the standard account rates.

    *Additional fees may apply for extra services required.
    ** Box sizes (units) are considered as follows:   Size 1 = under 1.2 cubes (1 unit); Size 2 = 1.3 to 2.0 cubes (2 units) (including x-ray boxes) and Size 3 = 2.1 to 3.0 cubes (3 units)

    Sensitive Information: How is your business handling it?

    Security and data breaches are ever present to companies no matter what the size. A few questions to ask yourself about your business and it’s sensitive information.

    1. What sensitive data does your business manage and where due you keep/store these records?
    2. Is it easy for these records to be duplicated?
    3. Are your records encrypted? 
    4. What is your privacy policy on sensitive data/records? 
    5. Is the privacy policy clearly communicated to employees and reviewed on a regular basis?
    6. A’s hire A+. If an employee is to has access to sensitive information, what is to prevent them from sharing it?
    7. What type of IT services do you need to protect your records? 
    8. Are passwords and software updated regularly on all computers? 
    9. When an employee leaves what procedures are in place to retrieve records, shut down access to computers and networks? 
    10. Shred it don’t leave it laying around, what policies has your company put in place to regarding data destruction?

    Are your records safe?

    This morning a fire broke out inside a power plant in New Orleans resulting in a water main break and flooded streets. Incidents just like this remind us of how important it is to protect our business and personal records.

    Advice on dealing with wet and moldy records

    Paperless office transition

    Many offices would like to go paperless but making the transition isn’t so easy and you may need a home for your paper records.  Elmwood Records Center can make the move much easy by providing a place to store your records while also offering scanning, record retrieval and destruction services. Contact our Records Analyst, Matt Glaviano for a complimentary consultation and let us assess your needs as you move to a paperless environment.

    Advice on handling wet & moldy records

    Hurricanes, Floods and Basement flooding is more and more common. Records kept in unsafe places can turn into a nightmare.


    Paper records and electronic devices often are among the items damaged by rain or flood water, and organizations must determine whether and how to restore these documents or to securely destroy them. NAID says it recently published two articles describing the disposition of wet records and how to handle moldy records. 

    NAID CEO Robert Johnson says, ”In the event wet paper records are old enough to discard, disposing of them in a secure and safe manner is still a struggle. On the other hand, if the records have not reached their legal disposal date, there are still some basic steps that allow organizations to avoid problems due to their loss.”

    Link to this Secured Business Destruction Magazine article:

    www.sdbmagazine.com/naid-offers-advice-wet-records.aspx

    Tax season is over, now what?

    Now that tax season has ended, consider offering clients a solution that will make your life and their’s easier in 2013. Elmwood Records Center delivers products and services that enable organizations to manage paper and digital documents on-site and off-site throughout their entire life-cycle. We provide services that enable you and your clients to know: 

    • What information or business records you have in any medium

    • Where they are located
    • How to find them when you need them

    Oh No! The file is missing…

    What’s the cost of a missing file? Stress, productivity loss, or the loss of confidential information that could result in litigation? We can help you cut out the headache no matter the size of your business. Records management starting packages begin at $29.95 monthly. Click here to learn more.