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Identityt Theft Prevention: Record Retention Part 1


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Protect yourself from Identity Theft, learn how to properly dispose of your records. Record Retention tips and guides series. …

Protect yourself from Identity Theft, learn how to properly dispose of your records. Record Retention tips and guides series.
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  • Transcript

    • 1. record retention . presented by: Joanne Martone, CPA, PC 7102 North 55th Avenue Glendale, AZ 85301 Phone: 623-934-1255 Fax: 623-934-8299
    • 2. how long do I keep these records . there is not one simple answer . some records need to be kept for years , others indefinitely .
    • 3. Purpose help establish a system for record retention . however, you should always consult counsel when specific questions arise NOTE: Information provided in this publication is not intended as a substitute for legal, accounting, or tax advice. You should seek professional advice on the particular issues which concern you. provide a guide based on the needs of average businesses and individuals
    • 4. What is a Record?
      • A collection of data that provides evidence of a fact or a past event
        • Tax returns
        • Contact Records
        • Check register
        • Financial reports
        • Commitments( Contracts )
    • 5. Classifying Records
      • There are several different classifications. Each determine the length of time you should retain records. In addition, the type of classification can help you decide how secure the records should be kept.
    • 6. Classifications
      • Company Confidential: the need to know is restricted to employees and officers of the company
      • Private: disclosure could cause serious damage or detriment to the organization, business partners, customers, or other third parties. Should only be disclosed with permission of the data owner
      Classifications come from “Records Management, Retention, and Destruction” Fred Pryor Seminars, PARK University Enterprises, Inc. (2007)
    • 7. Classifications cont .
      • Sensitive: Information which could be misused to the detriment of the information owner
      • Public: generally available to the public either online or through written request.
      • Confidential: information that could cause “damage” or be “prejudicial” to individuals, organizations, or other entities if made publicly available or otherwise disclosed to unauthorized individuals
    • 8. Classifying Records
      • To determine how important or sensitive a particular record is, ask yourself:
        • What could happen if it was lost, destroyed, or ended up in the wrong hands?
        • What could you no longer prove if this record were lost?
    • 9. Classifying Records Exercise
      • Using the same records classification matrix on the next slide, decide the type of information contained on each record and its origin. Then recommend a classification.
      • Classifications can then help determine how long you want to keep documents
    • 10. Classifying Records Confidental Paper Financial Bank Statements Confidential Electronic (paper) Financial/ Personal Tax Return Sensitive Original Financial Cancelled Check Classification Origin Information Record
    • 11. Sample Retention Schedule DISCLAIMER: Information provided in this publication is intended as general information only and should be considered carefully for your own personal and/or business situation before use. This firm and any associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Record Access Authority Retention Period Disposal Tax Return IRS Tax Auditors Loan Officers Original Copy - 5 yrs Soft Copy (i.e. flash drive, etc) - forever -Shredding (crisscross) of original copy Financial Statements Loan Officers Financial Institutions Tax Auditors Original Copy - 7 yrs Soft Copy (i.e. flash drive, etc) - forever -Shredding -Deleting data records after retention period Bank Records Tax Professionals Tax Auditors Original Copy- 1 yr Soft copy(i.e. flash drive, etc) - forever -Shredding -Deleting data records after retention period
    • 12. How to Dispose Records
      • Shred
      • Pulverize
      • Electronic file deletion
      • Data erasure
      • Destruction of electronic media
    • 13. Guide to Retention Organization Retention “Rules of Thumb” FDIC Paper records and electronic media should be retained for 5 years. Disposal is by shredding or other appropriate disposal systems. AICPA Electronic/digital working papers: each application should be saved in a secure environment so that the data saved in according to the established retention policy can always be retrieved, even if the software is no longer supported or sold.
    • 14. Record Retention .
      • Subscribe to us as we add presentations every other week that will help build your business.
      • Next Presentation :
      • Record Retention Pt. 2
      • Including:
      • Retention Guidelines for specific documents
    • 15. Our Credibility Arizona Society of CPA’s The American Institute of Certified Public Accountants
    • 16. Check us out at:
      • Our Company Web Page
      • Facebook
      • LinkedIn
      • BBB
      • Glendale Chamber of Commerce
      • Ethical Arizona
      • Principa