It’s Tax Day – Do you know where your Supporting Documents Are?
IRS Publication 4837, otherwise known as “Achieving Quality Examinations through Effective Planning, Execution and Resolution” published by the IRS Large Business and International Division, indicates that it would be wise to have supporting documents readily available when audited. Because you want to defend your position and you really don’t want the cost of responding to the audit to be greater than the potential tax impact.
The IRS will make Information Document Requests (“IDRs”) to support claims made on any entities tax return involved in an audit. Various types of documentation support revenue recognition and expense claims. It is highly recommended that this documentation being organized, accessible and easily reproduced – sounds like a perfect scenario to justify an electronic document management system (“EDMS”).
Some types of documents that support revenue recognition are contracts, leases and licenses. To support transactional events like…
Do we really need a Secretary of the Future?
Do you need Sherlock Holmes or Martha Stewart?
We have heard it from nearly every company that we have come into contact with over the past 20 years – “the entire office was recently consumed by the search for the Pensky file”. Most likely 15 to 20 years ago they were absolutely referring to a paper file. Now this reference is to a digital file, which in some cases makes it even harder.
If finding documents in your document system (SharePoint, network folders, Box, etc.) is painful and time consuming, you could call Sherlock Holmes or try to reorganize the files with the help of Martha Stewart. Reorganizing is of course the better approach and therefore, you should take some time to learn about Taxonomy.
According to Webster’s, the definition of Taxonomy is “classification; especially: orderly classification of plants and animals according to…
Poor Man’s Business Intelligence
During a recent lunch conversation a comment was made about the great benefits of business intelligence (“BI”) – a tool used to connect lots of information dots to generate useful data. However, that was quickly followed by a second comment about the often failed attainment of those benefits. The culprit seems to be bad or incomplete historical data, ie data stuck in documents or inconsistently entered data.
Another discussion at this lunch centered on co-tenancy, a complicated topic that impacts the commercial real estate industry. As an example, a co-tenancy clause could allow one tenant to reduce its rent if another, typically significant, tenant exits the property. The significant tenant is a draw to the property that benefits other tenants. So how do these two topics…
Document Sharing – Why Overcomplicate it?
What is Normalization and Why is it Important?
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