With hurricane season in full force, the IRS is calling on businesses to update their emergency preparedness plans.
The federal agency also is urging individuals to take precautions before storms hit to help alleviate some of the stress of seeking relief in the event of a natural disaster.
The words of caution come as Hurricane Florence in the southeast prompted more than 1 million people to be evacuated, CNN reported Monday.
In addition to evacuation and other safety plans, the IRS, in a Monday advisory, recommended that businesses and individuals:
- Make electronic copies of important documents, like deeds, titles, insurance policies, bank statements and insurance policies, and keep them on a flash drive or disc in waterproof containers. Ask a friend or family member to keep a second set of the copies away from the potential disaster area.
- Make a list and document all of your valuables and equipment. Take photos and/or videos of high-value property. This will help with claims for insurance or tax benefits if needed.
- Employers should use payroll service providers with fiduciary bonds in place. Fiduciary bonds “could protect the employer in the event of default by the payroll service provider,” the IRS says.
Taxpayers in federally declared disaster areas can speak with IRS-trained specialists at 866-562-5227.
PHOTO CREDIT: A satellite photo captures Hurricane Irma on Sept. 7 (Flickr–Antti Lipponen–CC)
Peekz ConsultiN LLC is a Pittsburgh-based accounting firm, located in the West Side, that caters to individuals, small businesses and nonprofit organizations. We aim to empower clients to help them take control of their finances and achieve their dreams.