Tax time can be dreadful for businesses and individuals when digging through old paperwork and files for the necessary documents to complete your business’ tax returns. Many times, people don’t know the retention rules for these documents, so extra documents are kept for years and years, but this only complicates things when searching for the current year’s files.
Compliance is a term that gets thrown around a lot, but what does it really mean?
As a business owner, you need to know and understand the rules and regulations of running a business in your particular industry. Compliance refers to all of the federal, state, and local rules and regulations required to keep your business in good standing.
Many industries have specific laws related to information security. In the healthcare industry, HIPAA (the Health Insurance Portability and Accountability Act) sets the standard for protecting sensitive patient data. Any business that deals with personal health information must ensure that all the required security measures are in place and followed to protect their patient’s records.
Just this month, 143 million people were affected by the Equifax security breach. That is almost half the amount of people living in the United States. This was just one of the 918 breaches that have already occurred this year, affecting almost 2 BILLION data records. The overall number of data breaches occurring each year is increasing at an alarming rate. Many industry professionals are now even considering large cyber attacks to be acts of terrorism.