So you got your tax return back from your CPA, or your tax program filed it on time. Here are some things to do with that information:

• Make sure that the CPA firm provided your adjusting entries so that your books match the return. This becomes a big deal when you go to get a loan at the bank or you want to sell your business.

• Purge all of your old accounting and tax records. I recommend that you keep all documents for 5 years, but if it has to do with the “basis” of property it should be kept forever. I also recommend that you keep your tax returns forever. Electronic documents are considered the same as paper, so if you can get it on a CD that would save space.

• Most companies only keep 1 year of information in the office. The rest should be stored in a different location. On the personal side, all of the prior year should be stored away….most people don’t need that stuff handy.

• Lastly, get organized. I just hired a person to get my company files in order…if you can’t find things then it is probably time to get a handle on it. And don’t wait! It only gets worse.

Mike Sowinski, CFO Consultants