Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records — including, for example, bank statements, tax returns, insurance policies, etc. — is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet.
Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don’t forget to label it).
You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.
Caution: Identity theft is a serious threat in today’s world, and it is important to take every precaution to avoid it. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you should dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash. |
*Records related to a bad debt deduction or a loss claimed for worthless securities should be kept for 7 years.
While federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you’ll want to retain these documents indefinitely.
*Records related to a bad debt deduction or a loss claimed for worthless securities should be kept for 7 years.
Brian J. Markwell, CPA
Shareholder
AllTax LLC
(o) 800.202.8902
(c) 612.807.1477
(f) 612.524.5491
Brian brings to the table over 25 years of public accounting experience specializing in manufacturing, distribution, construction, service, real estate, software, and overall business and personal taxation. Brian’s experience ranges from one person to multi-tier organizations residing in numerous industries, countries, and publicly traded markets (international and domestic). Client revenues range from startup to $350M in annual sales. He represents individual clients with net worth amounts in excess of $100M+ and the intricate structures inherent in each and every tax portfolio.
The ability to think outside of the box and maintain technical expertise is fundamental in being a valued financial advisor. With Brian’s experience and exceptional client service skills, you will soon come to realize the impact he is able to make for your specific situation.
• Individual, business, trust, and multi-state taxation (domestic and foreign)
• Tax credits and optimization including bitcoin and electronic currency trading
• Real estate structures and filings including REIT’s, TIC’s and Opportunity Zones
• Complex ownership structures and formation for owners (FLP, Trust, etc.)
• Contract CFO for companies from startup to $350M in consolidated sales
• Executive and employee benefit consulting, including payroll structure and compliance for several small to large businesses
• Phantom stock ownership plans, ESOP’s & executive compensation
• Employee benefitimplementation and administration for large companies
• Private equity relations, reporting, and adherence
• Managed an initial public offering (IPO) on NYSE and S-1 registration
• Compilations, reviews, and audits of private and SEC regulated companies
• Agreed upon procedure engagements & working with lending requirements
• Financial and change management implementation for internal control
• Lease, debt and other legal structuring and analysis
• Succession and estate planning
• IRS & State audits and appeals
• Liquidations, bankruptcies and reorganizations
• Financial policy solution implementation for purchased companies
• Nonprofit accounting and taxation including large 501(c)(3) org’s
• AICPA – American Institute of Certified Public Accountants
• MNCPA – Minnesota Society of Certified Public Accountants
• B.B.A. University of Wisconsin – Eau Claire Magna Cum Laude – Accounting