John iekel
Taking action in advance to protect vital documents can be helpful when a disaster strikes, a principle that applies to retirement plans and administration as well as other records and functions.
The IRS issued a reminder in Tax Tip 2023-107 about the importance of such steps on the heels of Hurricane Idalia’s travels through Florida and other parts of the southeast.
The IRS reminds that:
- Federal tax return transcripts are available through the Get Transcript portal https://www.irs.gov/individuals/get-transcript on IRS.gov. They also are available by calling 800-908-9946 and following the prompts.
- People who use a tax professional to file taxes should keep their contact information in a safe place.
- Financial statements are usually available online.
- Many property records are available online from tax assessors or other government agencies.
The IRS also has provided additional suggestions that can help in preparing for an impending natural disaster:
Take Advantage of Paperless Recordkeeping for Financial and Tax Records
- Scan important tax records such as W-2s, tax returns and other paper documents onto an electronic format.
- Back up electronic files and store them in a safe place.
- Make duplicates of files and documents and keep them in a separate.
- Copy files onto a CD or DVD.
- When choosing a place to keep your important records, one should remember that a disaster that strikes one’s home is also likely to affect other facilities nearby, making quick retrieval of records difficult and maybe even impossible.
Check on Fiduciary Bonds
- Employers that contract with payroll service providers should ask them if they have a fiduciary bond in place.
Continuity of Operations Planning
- Develop an emergency plan, and review existing plans.
- Back up your computer data systems regularly.
- Decide how you will communicate with employees, customers and others.
- Use cell phones, walkie-talkies, or other devices that do not rely on electricity as a backup to your telecommunications system.
- Collect and assemble a disaster supplies kit. Include a portable generator.
- Identify the community warning systems and evacuation routes.
Finding Out More
The IRS provides a variety of resources related to disaster preparedness including the following:
- Publication 547, Casualties, Disasters, and Thefts https://www.irs.gov/forms-pubs/about-publication-547
- Publication 584, Casualty, Disaster, and Theft Loss Workbook https://www.irs.gov/forms-pubs/about-publication-584
- Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook https://www.irs.gov/forms-pubs/about-publication-584-b
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