Time to "batten down the
hatches" … hurricane season has arrived. The IRS encourages
individuals and businesses to start planning now to safeguard their
tax records in preparation for natural disasters. Here are a few
simple steps that can help you be prepared should disaster
strike.
1. Backup records electronically.
You should keep a set of backup records in a safe place away from
the original set. Keeping a backup set of records, bank statements,
tax returns, insurance policies, etc., is easier now that many
financial institutions provide statements and documents
electronically. Even if the original record is only available on
paper, it can be scanned into an electronic format. With documents
in electronic form, you can download them to a portable backup
storage device such as an external hard drive, CD, or DVD that you
can take with you in the event that you need to evacuate.
2. Document valuables. You should
photograph or videotape the contents of your home, especially items
of higher value. A photographic record can help you prove the
market value of items for insurance and casualty loss claims.
Photos should be stored at an outside location.
To document your valuables, the IRS has a helpful tool, Publication 584,
Causality, Disaster and Theft Loss Workbook, which can help you
compile a room-by-room list of belongings.
3. Update Emergency Plans. Emergency
plans should be reviewed at least once a year. Personal and
business situations change over time, as do preparedness needs.
When employers hire new employees or when a company changes
functions, plans should be updated and employees should be
informed.
4. IRS Ready to Help. If a disaster
strikes, you can call 1-866-562-5227 to speak with IRS specialists
trained to handle disaster-related issues. You can requests copies
of previously filed tax returns by filing Form 4506, Request for
Copy of Tax Return. You can also request transcripts showing most
line items on a return online at IRS.gov, by calling 1-800-908-9946 or
by using Form
4506T-EZ, Short Form Request for Individual Tax Return
Transcript or Form 4506-T, Request for Transcript of Return.
More information on preparing for disasters can be found at IRS.gov. Forms and publications can
be downloaded at IRS.gov or
ordered by calling 1-800-829-3676.