Wednesday, December 14, 2016

Many times in this space, I have mentioned how it is important for businesses to remain open to changes to ensure they don’t get left behind as new models and practices emerge. Much of the time this involves being open to embracing the ever-evolving changes of our technological world.
The idea of that world ruled by technology may feel new to those of us who can still remember a time without the internet, but it is still a world that had undergone a lot of change in that relatively short period of time. To showcase just how many huge changes we have already seen, PC Magazine recently ran an article looking at the top websites of the last 20 years.
Like, remember when AOL ruled the world? And know how you already get a feeling of nostalgia when you write to someone who has an @aol.com email address now?
Then there were Geocities, Tripod and Angelfire that were some of the first companies trying to help people have their own websites.
Yahoo! used to rule the world of internet search engines, and made some auxiliary deals to try to drive lots of traffic to its site, but Google emerged as the company that has now become a verb. And remember how you also used to be able to Ask Jeeves questions?
Currently, one cannot deny the ubiquity of YouTube and Facebook. And just how much will mobile technology continue to change the landscape of what places we visit electronically and how often?
The moral of this story is that it is not enough to say “I know technology.” That world has trends that come and go faster than we can appreciate in real time, and this dynamic highlights how important it is to move along with those waves. The businesses that listen to, and heed, the changes will be the ones who don’t disappear when the next sea change comes through.
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Last week, I wrote about the IRS and its efforts to make taxpayers aware of security concerns. In its continuing efforts to get everyone ready for the upcoming tax season, the agency has also released a notice about keeping tax records.
So since this is a question that comes into our office from time to time, here a couple of paragraphs straight from the IRS:
Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file an amended return or if questions arise. Keep records relating to real estate up to seven years after disposing of the property.
Health care information statements should be kept with other tax records. Taxpayers do not need to send these forms to IRS as proof of health coverage. The records taxpayers should keep include records of any employer-provided coverage, premiums paid, advance payments of the premium tax credit received and type of coverage. Taxpayers should keep these  as they do other tax records  generally for three years after they file their tax returns.

Also in this release, the IRS put out a more urgent call for people to keep their most recent tax returns handy as the agency tries to institute new protocols for authenticating and protecting taxpayers’ identities. So for those of you who never keep anything, the time to change that has arrived, as you may need to know last year’s adjusted gross income to prove you are who you say you are.


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