As Dorian approaches, IRS reminds preparation for natural disaster
- Secure key documents and make copies think tax returns, birth certificates, deeds, titles and insurance policies. Put in waterproof containers in a secure space. Duplicates should be kept with a trusted person outside the disaster area. A backup scan on flash drive is another way to make those documents secure and portable.
- Video record or photograph home and business establishment’s contents to support future claims for insurance or tax benefits after disaster hits. This is especially relevant if property is valuable. In fact, the IRS offers disaster loss workbooks for individuals and businesses.
- Employer: Check fiduary bond of your payroll service provider. This can protect you in event of payroll service provider default.
- Reconstruction of documents as well as business. Records may be needed following a disaster in order to get federal assistance or insurance reimbursement. See IRS webpage Reconstructing Records.
- If you are in eminent danger of hurricane damage, contact us at nmscpa.com. We can walk you through the aftermath of the hurricane.
As with any disaster, safety first, and take care.