Category Archives: Record Keeping

PROTECT yourself from identity theft!

In light of the recent news that Equifax’s database has been hacked we are writing to share some information with you about the break, Equifax’s current course of action, and, most important, what you can do to protect yourself in general.
According to Equifax, the breach lasted from mid-May through July. Hackers targeted people’s names, Social Security numbers, birth dates, addresses, driver’s license numbers and credit card numbers were also stolen. This breach has affected 143 million people across the US, UK, and Canada.
Equifax will send correspondence by MAIL to those who were exposed. The company has put a tool on their website to check your potential impact and has made a free credit monitoring service available to those affected.  There was some misinformation that indicated that you would give up your rights to legal action against the company if you clicked to opt in for the monitoring but this is NOT the case.
To find out if your information was exposed, click on the “Potential Impact” tab on the Equifax site and enter your last name and the last six digits of your Social Security number. Your Social Security number is sensitive information, so make sure you’re on a secure computer and an encrypted network connection any time you enter it (Type “https://” before the website  address and that will increase your security) . The site will tell you if you’ve been affected by this breach.
If your information has been compromised by the Equifax breach, it could be years before your data could be used illegally, so you must plan to be diligent for the long term. This includes reviewing your monthly bank and credit card statements along with your credit report for possible identity theft.
In the meantime, be wary of any emails you receive that are purportedly from Equifax and suggest you click on this or that link.  The security breach is a perfect opportunity for fraudsters pretending to be from Equifax to prey upon the chance to steal your identity and/or compromise your computer’s security.  The best thing to do, always, when you receive an email from any business who asks you to click on their link is to instead find the company’s website and follow any links you find there or CALL THEM.

So what can you do now?

1.      Check your credit report at Consumers are entitled to one credit report from each of the three reporting agencies each year. We recommend downloading a report from a different agency every three to four months.
  • Download a report from Experian today, TransUnion in January, and Equifax in May to monitor your credit year-round without charge.
2.      Stop pre-screened credit offers to limit future exposure by calling 888-5OPTOUT (888-567-8688).
  • You can also opt out online.
3.      Place a CREDIT FREEZE on your accounts. While a credit freeze does not prevent current creditors from accessing your credit report, it does restrict the ability of new creditors to access your credit information. In other words, if you already have an account with Chase, an identity thief may still be able to open an account through Chase since that is not a “new” creditor.
The numbers to call for a credit freeze:
  • Equifax  1-800-349-9960
  • Experian  1-888-397-3742
  • TransUnion  1-888-909-8872
  • A credit freeze can temporarily be lifted and then put back in place if you are actively seeking credit.
  • A credit freeze will not effect your credit rating.
4.      Put a fraud alert on your files. A fraud alert warns creditors that you may be an identity theft victim. The creditor must then verify the identity of anyone seeking credit in your name before your credit information can be released.
  • For detailed information about credit freezes and fraud alerts, click here.
5.      Look into a credit Monitoring service like LifeLock.  They all have mixed reviews, but I have had a good experience with LifeLock and find the peace-of-mind worth the cost.
6.      Last, but not least, file your income taxes early each year and be sure to respond to any IRS correspondence immediately. Doing so will limit the ability of scammers to use your Social Security numbers to get a tax refund in your name.
  • Scammers also use stolen Social Security numbers to apply for work, when arrested for crimes and infractions, to get medical care, and to steal benefits to which you are entitled.
If you discover that you are a victim of identity theft, visit to report and start your recovery plan immediately. Clients should also contact us so we can begin helping you with any necessary changes to your financial information.
Please feel free to share this information with your family, friends or colleagues that you think might benefit from the holistic, personalized wealth services offered by Wealth Management Advisors.

Boston CPA & Financial Planner Personal Record Retention Guide

Boston CPA and Financial Planners at Wealth Management Advisors, LLC and Sullivan Bille PC present a Personal Record Retention Guide.

As the calendar turns, you may find yourself looking forward to tax preparation season.  OK, maybe not “looking forward to”, but it will soon be time to dig through your paperwork and pull together the items needed for tax preparation.  A question that typically arises this time of year is “how long do I have to keep (insert document name here)”.  Please see below for some guidelines.  As always, please give us a call if you have any questions.

 Record Retention Guide for Individuals


INDIVIDUAL RECORDS                                              SUGGESTED RETENTION PERIOD

Tax Return Copies                                                           Permanent

Medical Receipts                                                             7 Years

Forms 1099 Received                                                      7 Years

Forms W2 Received                                                        Permanent

401 K/Keogh Statements                                                 7 years following disposition, termination, payoff

IRA Statements (deductible & nondeductible)                7/Permanent

Loan Records / Forms 1098                                             7 years following disposition, termination, payoff

Annuity Year End Statements                                          7 years following disposition, termination, payoff

Insurance Policies – Life                                                  Permanent

Insurance Policies – Other                                                7 years following disposition, termination, payoff

Major Purchase Receipts                                                  7 Years

Year-end Brokerage Statements/Trade Confirmations    7 Years

Certificates of Deposit Statements                                   7 Years

Schedule K-1’s from Partnership or S Corporation         7 Years following disposition, termination, payoff

House Records (cancelled checks for purchase of major improvements and maintenance)                                                                    Permanent

Birth and Death Certificates                                             Permanent

Medical Records                                                               Permanent

Wills                                                                                  Permanent

Trust Agreements                                                              Permanent

Detailed List of Financial Assets Held                              Permanent

Alimony, Custody or Prenuptial Agreements                    Permanent

Military Papers                                                                   Permanent

Photos or Videotape of Valuables                                      Permanent