IRS Teaches Hurricane Preparedness: Protect Those Tax Records!
Hurricane season is here and the IRS is concerned.
The IRS has recently issued some advice to Americans on how they should prepare for this year’s hurricane season. If you think the safety measures would be the same as the ‘Before a Hurricane’ recommendations from FEMA, you would be wrong.
“The most important thing that you need to do is create a backup set of records in an electronic format, you want keep them in a safe place away from the original documents,” Rob Marvin, IRS Media Relations Specialist tells listeners in an IRS podcast.
“We mean things like bank statements, tax returns, insurance policies, things like that. What you want to do, is you want to download them onto a backup storage device such as an external hard drive or a DVD or a CD.”
The IRS has also issued a press release, which aside from noting the need to create a backup set up of records, also recommends:
Documenting your valuables – with photographs or videotape.
Updating emergency plans – this seems to be fairly important as it does manage to make the top three items of advice.
Check on fiduciary bonds – “Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider,” the press release ays.
The IRS is ready to help – last but not least, if disaster strikes you can call a toll free number to speak with an IRS specialist trained to handle disaster-related tax issues.