Some people have been audited more than once. We all know its a scary thing. A friend of mine had her first, which was a “practice audit”.
She had shredded most of her older financial data, and in January 2003, she had to recreate almost everything from scratch for the audit year. This was because the auditor, who was on his second-ever IRS audit, was looking at everything since there wasn’t a specific problem. Needless to say, this was a tedious, time-consuming, and an unnecessarily stressful experience to have to gather everything again.
Financial advisors and accountants can help their clients get (and stay) organized by asking them to set up a FREE Siftsort.com account to securely organize information regarding their financial data, healthcare, tax-deductible receipts, vehicles and business expenses, dependents and more. This would also help them be ready for tax season or an audit, keeping records easily accessible to help get the maximum tax benefits available.
In the case of my friend, she had to go back to a three banks to get the data on 7 bank accounts for the audit. Plus, she had to pay the banks for all of the copies on top of that.
Now, electronic banking and bill payment simplifies all of that, but keep in mind most banks do not keep online statements for more than 3 years, making you pay a retrieval fee for statements in the later years. Unless you are still getting printed statements, you have no choice but to pay the fees.
With their advisor using a Siftsortpro.com account, they and their clients–using their personal, secure Siftsort.com account–can collaborate securely when making tax or financial decisions, whether through email, chat, fax…anywhere in the world.
Instead of keeping paper copies that can get lost or pile up in files, clients can forward the information to their Siftsort.com account, categorize it in a way that makes sense and easily be able to access the information when needed. Simplifying your life.