Is Business Identity Theft the Newest Threat to Small Business?

Do you think?you and your company’s identity are safe?

Are you one of those of people who think that would never happen to me?

Well the fact is over 10 million people each and every year are victims of identity theft and the numbers continue to grow at a rapid rate.

It’s hard to imagine that one out of every 20 people is at risk of being a victim this year alone.

But what’s even more alarming is consumers?are no longer the only ones being targeted by these criminals. Now small business owners like you and I have a new kind of threat to be concerned about known as business identity theft.

It’s the newest threat to small businesses all across America and can cause a whirlwind of devastation to a victim’s company.??

Imagine if?a criminal seized your company’s identity, used it to acquire credit in?your company’s name,?and then went on a spending spree buying electronics, office equipment, gift cards, and any other items that can be sold for cash.

What type of damage would this have on your business?

Here are five tips that can help you prevent and detect business identify theft:

Develop a prevention plan –Design a step-by-step plan to protect your company’s identity at the same time putting in place an action plan in the event that you do become a victim. Protect company records – Keep all your company documents and records in a safe and secure place. Get rid of any unnecessary information by using a micro cut shredder for the highest level of security. Also, never provide your company’s federal tax identification number, financials, or bank statements to anyone unless you have made the initial contact. Keep your company safe on the web – One of the sure fire ways to put your business at risk is by using sensitive information like an employer identification number (EIN), account numbers, financial documents, or personal information via email or the web. If you must provide this information for a specific reason like applying for credit then make sure the site is secure and its security certificate is up to date. Monitor your business credit report – One of the fastest ways to detect a possible identity theft is to monitor your company’s profiles with DNB, Business Equifax, and Business Experian. You can accomplish this by subscribing to their business monitoring services which give you access to your files 24/7. Avoid the “master” user – You should avoid creating any type of “master” user account and password where an employee or individual can gain access to all your company information. Taking the following precautions can dramatically improve your chances of avoiding business identity theft. If you believe your business is a victim you should contact your local law enforcement agency, the business credit bureaus, as well as your company’s credit and bank providers to report the theft. Also, initiate a business credit repair plan so you can get your company back on track.

As a business owner you should always remain vigilant in protecting your company’s identity. You’ve worked hard to build your business to where it is today and you should work equally as hard in protecting it.

What other ways do you protect your business identity?

Marco is founder of the Business Credit Insiders Circle, a step-by-step business credit building system. You may contact Marco directly at: marco@businesscreditblogger.com Follow Marco on Twitter @MarcoCarbajo and read more of his insights on building business credit.?

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How to Choose a Tax Profession​al for Your Small Business

Tax preparation and filing?isn't?easy at the best of times, but with business ownership comes new responsibilities.

Whatever your business type, you may decide that you can benefit from the services of a tax professional to help you get your ducks in a row or help you complete your return.

Not getting the right help can expose you to potential tax return errors, which can lead to costly penalties and time lost down the line. And because each business is different it’s important to get the right help based on your needs.

When selecting a tax professional, here are four areas you need to cover:

What are Your Options?

All tax professionals specialize and come in many forms, including tax franchises, tax attorneys, and certified public accountants (CPAs are licensed by the state and are suited to complex tax issues) and enrolled agents (an enrolled agent has passed an IRS test plus an IRS background check, they focus exclusively on tax accounting).

As you build a shortlist of potential candidates, ask around for referrals and focus on identifying tax professionals who have experience working with businesses of a similar size and type to yours? Is the professional familiar with your particular line of business?

What Type of Services do they Offer?

Some tax professionals (particularly the walk-in franchise tax preparation services) are great at helping you get your taxes done quickly. But if you need long term tax planning help you may want to consult a CPA or enrolled agent – they actually don’t charge a whole lot more than the franchise tax experts and can specifically help businesses understand how to realize tax efficiencies.

Other things to look out for are accuracy guarantees (many offer this as a protection against potential penalties in the event of an audit), willingness to amend the return in the event of errors, and assist you in any dealings with the IRS.?

Don’t be afraid to ask questions that help you get a better picture of your needs – your situation may be less or more complex than you are aware, and an initial consultation can help you better gauge your needs (many tax preparation offices will do this for free in the hope of winning your business). ?Bring your records, last year’s return, and any other documentation that gives a quick snapshot of your circumstances.

How Will they Bill You?

Call around a few local tax offices to scope out the pricing and billing policies. Most fees depend on the complexity of your tax return and you can expect to pay either by the hour, or a flat fee. Ask lots of questions about what is included in these rates and any potential extra fees you may incur. Are there any ways you can keep your fees to a minimum by doing as much preparation and good record-keeping yourself in advance.

If the IRS queries your return or audits you, will the tax professional assist you? Are they authorized to represent you to the IRS?

Ask for References

In the rush to get your return done, don’t disregard the importance of references. Ask your shortlist of tax professional candidates for a list of clients who are close to your business profile, and follow up with these before you make your decision.

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