Tips for Managing Your Records During Tax Season

Tax season is here, and it’s important to stay on top of your tax filing documentation. In this blog, we offer several tips for managing your records during tax season.

Review Your Retention Policy

A records retention policy identifies what records you have, how long to keep them, and when they must be destroyed. Review your policy to make sure your organization’s storage and final disposition dates are current.

Most tax records for a minimum of three years after filing, but it’s wise to confirm your retention obligation with your accountant. Your records management provider can help you determine whether industry-related retention periods support your retention policy with document storage and shredding services.

Shred What You Don’t Need

Shred any expired documents using your retention policy as a guideline. While it may be necessary to keep a portion of your tax records for as long as you hold your business investments, many supporting tax documents can be shredded after three years. If in doubt about what to shred, check with your accountant. An onsite mobile shredding provider will shred your tax documents at your place of business and provide you with a Certificate of Destruction.

Go Digital

Scanned tax records are easy to share with your accountant. When using a multifunction printer to scan documents, you have to remove staples and paperclips from your files or they will jam the machine. If you have a large volume of tax-related documents to scan, partner with a scanning services provider. They provide everything needed to convert your paper records to digital images, including:

• High-speed scanners
• Imaging software
• Trained, background-screened scanning technicians

Back Everything Up

It’s a good idea to back up your tax data. If you’re backing up your tax records to a hard drive or tape, make sure to have a secure, offsite media storage solution. A media storage room features multiple layers of security and advanced preservation systems to prevent unauthorized access and physical damage to your backup media, including:

• State-of-the-art entry controls
• Internal storage cages
• Climate control technology
• 360-degree monitored surveillance cameras

Only background-screened and pre-authorized data protection personnel can access the media storage room. These professionals make sure your backup tapes and media are stored, managed, and tracked with unparalleled care. If a disaster strikes, your backup media is delivered to your co-location or disaster recovery hot site.

For more records management tips, please call us at 509-586-6090 or complete the form on this page.

CI Information Management provides full-service records and information management in the Tri-Cities, the Yakima Valley, Walla Walla, Hermiston, OR, Moses Lake, Wenatchee, and nearly everywhere in between.