Page 41 - Healthcare News May/June 2022

Call To Advertise.
Cecille Youmans 413.781.8600 (ext. 112) youmans@businesswest.com
Follow us on . . .
HEALTHCARE NEWS
2022 Editorial & Advertising Planning Calendar
ISSUE DATE
SPACE/COPY DEADLINE
EDITORIAL FOCUS
LISTS
EVENTS & SPECIAL PUBS
HE
LTHC
1.28
ARE NEWS
• Healthcare Workforce
•
M
edi
cal
R.
E. &
Construction
• Dental Health • Memory Care
• General Contractors
• Dentists
• Memory Care Services
Deadline:2.25 2022 RESOURCE GUIDE** – ANNUAL MEDICAL DIRECTORY
3.25
• The Aging of America
• Rehabilitation Services • Women’s Health
• Rehabilitation Services
• Skilled Nursing Facilities
E
5.27
LTHCARE NE
• Behavioral Health
• Population Health • Salute to Nurses
S• Colleges with Nursing Programs • Behavioral Health Services
• Hospitals
Salute to Nurses
8.12
• Senior Planning Guide • Eye & Ear Health
• Cannabis Today
• Eye Care Specialists
• Hearing Centers
• Cannabis Dispensaries
Senior Planning Guide
9.30
• Healthcare Heroes
• Healthcare Education • Cancer Care
• Colleges with Healthcare Programs • Adult Day Health Centers
• Physician Groups
Healthcare Heroes
12.2
• Giving Guide
• Senior Living
• Addiction Services
• Home Care Options • Addiction Services
Giving Guide
FEATURED IN EVERY ISSUE:
Sponsorship opportunities available for all events and special publications
The following departments appear in each monthly issue, with the exception of the Annual Resource Guide.
• Opinion
• Healthcare Law • Healthy Outlook
• Career Pulse
• On the Calendar • Picture This
• Medical R.E. Listings
A
HEALTHCARE NEWS
HAW
Showcase your healthcare success – get a framed reprint from the Healthcare News! To order, visit: www.healthcarenews.com/reprint-order-form/
Updated on 6/30/22
MAY/JUNE 2022 WWW.HEALTHCARENEWS.COM 41
Outlook
Continued from page 38
but as a guide to determine your needs. If you have any unusual circumstances or wish to delve further into record-retention rules and regulations for a specific indus- try, you should consult with your CPA, attorney, or other industry professional. This is especially important if you plan on destroying any important legal, business, or financial paperwork.
Trust the Experts
As you can see, there are many factors to consider when determining how long to keep your business tax records. The best thing to do is speak with an accountant or tax professional who can help you create a record retention plan that fits your specific bu“siness and filing requirements.
Ultimately, there is no one-size- fits-all solution for storing business records; the best approach will vary depending on the needs of the individual company.”
Frequently Asked Questions
Can the IRS go back more than 10 years?
The short answer is yes, the IRS (Internal Revenue Service) can go back more than 10 years when it comes to business tax records. In fact, there is no statute of limitations when it comes to federal taxes. This means that the IRS can audit your business tax records at any time, regardless of how far back they date. However, the IRS typically only audits businesses for the last three years. So while the IRS can technically go back further than 10 years, it’s unlikely that they will. If you’re worried about being audited, make sure to keep your business tax records organized and up-to-date. This will make it easier for you to respond to any questions from the IRS and will help to ensure that you’re in compliance with all relevant tax laws.
Do I need to hang on to paper bank statements?
Whether or not you need to hang on to your business paper bank statements is entirely dependent on your business and
what your needs are. If you’re required to keep hard copies of your bank statements for tax or accounting purposes, then you’ll need to hang on to them. However, if you’re comfortable keeping electronic cop- ies of your bank statements, then you can go ahead and shred the paper copies. We recommend seeking professional advice for your personal business needs from a certi- fied public accountant or tax attorney.
What is the best way to store business records?
Any business owner knows that good record-keeping is essential to the success of the enterprise. Accurate records can help to track inventory levels, monitor financial
transactions, and measure performance over time. But with so much data to keep track of, it can be difficult to know how to best store business records. One option is to keep physical records in a filing system.
This can be useful for documents that need to be accessed frequently or for com- panies that are required by law to keep hard copies of certain records. However, filing systems can be cumbersome and time- consuming to maintain, and they can take up valuable office space.
Another option is to store records electronically, either in the cloud or on an on-site server. This can be more efficient and cost-effective than a physical filing
system, but it requires a reliable backup system to prevent data loss in the event of a power outage or other disaster. Ultimately, there is no one-size-fits-all solution for storing business records; the best approach will vary depending on the needs of the individual company. u
Deb Kaylor, CPA is a Senior Manager at the Holyoke-based accounting firm, Meyers Brothers Kalicka, P.C.; (413) 536-8510.
DEC/NOV OCT/SEP AUG/JUL JUN/MAY APR/MAR FEB/JAN