Don’t believe the hype: Thieves may be stealing electronic information, but the most tempting target is something most companies still keep in hard copy.
What pieces of paper are causing companies so much devastation? Undeliverable W-2s.
Once an employee’s W-2 comes back to a company as undeliverable, IRS regs require hanging onto the document for four years. Over a few years, the documents can pile up. Without airtight organization, it can be hard to keep all that paper secure.
Here’s one solution many companies are coming around to: scanning the documents into electronic files and shredding the originals.
Not only does it fulfill IRS requirements while saving storage space, but keeping them centralized makes retrieval or deletion an easy process.