Tag Archives: Hardware/Software Systems
Know How Long to Keep Those Digital or Paper Documents? Record Retention Guidelines for People, Businesses and Not-for-Profits
When it comes to saving things, there are really two kinds of people: Those who tend to save everything, forever. And those who throw it all away or delete it at the earliest possible moment — and sometimes before.
The same is often true for businesses and not-for-profit organizations. They can save too little or too much, for too long or not long enough.
So, when it comes to digital and paper records, which documents should you keep and for how long?
Although (continue reading…)
It’s always tempting to save time and money, not to mention the planet, by reducing the use of paper documents and going electronic.
But it isn’t always simple.
If you’re thinking of going electronic with your Schedules K-1 this year—perhaps as email attachments or downloads from a portal or website—you should know about new IRS requirements for obtaining your partners’ consents and for required disclosures and processes.
The new requirements were issued by the IRS in Revenue Procedure 2012-17, effective February 13, 2012. They (continue reading…)
[The following post is updated from the original, published June 15, 2009.]
They say it’s better to look ahead and prepare than to look back and regret. Marcus found that out for himself when a fire destroyed the building that housed his third-generation family law practice. It ruined the computer system, burned legal documents and accounting and business records, and melted his backups.
For Laura, it was a flooded home that irrevocably damaged her computer, personal financial records, digital family photos and (continue reading…)
Nothing is more powerful than habit, they say. And it’s true. Unfortunately, for those of us with computers and smart phones, that can be a bad thing.
If you’re like most people, you have between 20 and 30 online accounts and logins. It’s a surprising number until you think about it: banking and investment accounts, online stores and auction sites like eBay, credit card accounts, remote-access logins, cloud backups, social media sites like Facebook and LinkedIn, web-based personal finance managers, and (continue reading…)
The IRS has announced plans to discontinue its paper coupon system which has, for years, enabled businesses and other entities to deposit tax payments at banks using Form 8109.
Larger organizations have been required to file and pay taxes electronically using the free Electronic Federal Tax Payment System (EFTPS) since 1996, and the IRS has encouraged smaller organizations to do so, as well. In fact, about 97.5% of all federal tax deposits are made by EFTPS, which is always available online or by phone (continue reading…)
Tedious, time-consuming, error-prone, burdensome―it’s probably safe to say that wage reporting isn’t anyone’s favorite activity.
Each year employers must report wages paid to all employees for whom income, social security or Medicare taxes either were withheld―or would have been withheld but for withholding allowances or exemptions. The reporting requirement also includes all employees that receive cash or noncash payments in return for services, even relatives.
It’s also pretty safe to say that advance planning can help to make the annual process a bit less onerous.
Advance (continue reading…)
The statistics are sobering. Imagine simply throwing away seven percent of your organization’s annual revenue. According to a recent study conducted by the Association of Certified Fraud Examiners, that’s the impact of occupational fraud on U.S. organizations―including public and private businesses, not-for-profit organizations and governmental entitiesorganizations. It translates to approximately $994 billion.
Perhaps surprisingly, fraud losses tend to be more significant for smaller businesses than for larger organizations. The median loss for all organizations in the study was $175,000―but for those with fewer (continue reading…)
It seemed to come out of nowhere, which I suppose can be said of almost any real crisis. One minute, while enjoying myself at a client retreat in Mexico, I learned about a few cases of flu in Mexico City. The next, schools were closing in Seattle.
Fortunately, this flu virus hasn’t turned into the virulent global pandemic that it could have been. But what if it had? What if I hadn’t made it back from Mexico―or I had carried the (continue reading…)
It’s all about passion, that relentless drive to make a difference in your community, your world. And it’s about the business of doing good.
Bader Martin can help with the financial and advisory services that allow you to do it well. Our not-for-profit practice delivers an integrated, year-round suite of services for not-for-profit organizations and private foundations, as well as their executives and donors.
You might say we have a special passion for not-for-profit organizations. With backgrounds in auditing, tax planning, governance, (continue reading…)
Imagine: Online access to your financial information, anytime, from anywhere. No security worries. And no time-consuming desktop updates or backup procedures.
Advancements in technology promise wonderful new capabilities and labor-saving efficiencies, but they often bring with them an increase in maintenance requirements and potential security risks.
However, if you use QuickBooks® or Peachtree® accounting software, Bader Martin can help you to safely and effectively harness the power of technology, while reducing its risks and costs.
We, in partnership with technology hosting leader Right (continue reading…)