When it comes to security and legal matters, it’s imperative that your business comply with laws and regulations and that you keep your valuable data and information safe. A hack or loss of data can cost your company massive amounts of revenue. If your business undergoes an IRS audit, it’s essential that you have followed tax laws to a T. Fortunately, there are third-party services out there that help you protect your business.
Data and security
If your business requires you to keep track of a lot of digital data and records (and most business operations now do), consider storing your information on the cloud. The cloud allows a company to access all information from any place, but it can be expensive to do in-house, and the technology has to be constantly updated. Hiring an outside cloud host can help you store all your information securely and save you time and some money since you don’t have to buy equipment or your own servers. You might engage a cloud access security broker, which will sit between your company and your cloud host to help enforce security, compliance, and governance.
It’s essential to make sure all your data, both in the cloud and on-premise, stays safe and secure. This security extends to your clients’ confidential information as well as your own. A strong information security company will help you make sure your data, taxes, and the services you offer remain compliant. A good security company monitors your data to immediately alert you to any leaks of sensitive information and data exposure. Additionally, they will walk you through breach laws and make sure you comply with the legislation enacted to keep you and your customers safe. Dealing with security breaches can cost anywhere from $150,000 to $170,000, so it’s a worthwhile investment to prevent them. It doesn’t matter what type of business you have, be it financial, healthcare, government, or retail and technology; your data and information needs to stay secure, for your sake and for the sake of your clients.
Taxes
Businesses have particular tax forms and rules that apply to them. While you, as a business owner, may already be familiar with the expectations the IRS has of your business, it would behoove you and your employees to hire a legal expert. If you are starting up a business for the first time, you should undoubtedly hire a lawyer to walk you through the process. Be sure this legal help is coming from someone who understands federal as well as state and local tax codes.
A lawyer for tax collection in New York is going to have different expertise than a lawyer in, say Montana. A good firm will be able to provide business succession planning, asset protection, and estate planning. They’ll also be able to counsel you on such steps as buying or selling a business, shareholder and LLC information, and commercial real estate matters. And, of course, if you have any breach of contract disputes or partnership disputes, you’ll want an attorney at your side.
