Hurricane Season Starts June 1
IRS Reminder: Protect Important Records in Case a Natural Disaster Strikes
Protect and make copies of important documents
Taxpayers are also encouraged to make copies of these important documents and store them in a secondary location such as a safe deposit box or with a trusted person who lives in a different area. In addition, scanned documents can be stored on a flash drive for easy portability.
Keep a record of valuables
Taxpayers should use cell phones or other mobile devices to make a record of high-value items. A simple list with current photos or videos can help support claims for insurance or tax benefits after a disaster.
Rebuilding records
Reconstructing or replacing records after a disaster may be required for tax purposes, claiming federal assistance or insurance reimbursement. Accurate loss estimates could mean that more loan and grant money is available.
Employers should check fiduciary bonds
Disasters can impact a business' ability to make timely federal tax deposits. Employers using payroll service providers should check if the provider has a fiduciary bond in place that can protect the employer in the event of default by the payroll service provider. Employers should choose their payroll service providers carefully.
IRS can provide tax relief after a disaster
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below:
📧 kevin@kmckernan.com | 📞 718-317-5007