September is National Preparedness Month

For September's National Preparedness Month, the IRS is offering the following guidance to those who may be affected by storms, fires, floods, or other disasters:

• Create electronic copies of key documents. Keep a duplicate set of key documents (e.g., bank statements and tax returns) in a safe place. Much financial information is available online, and electronic documents can be downloaded to a storage device such as an external hard drive or USB flash drive, or burned to a CD or DVD. Even if original documents are only provided on paper, these can be scanned into an electronic format.
• Document valuables. Documenting valuables (such as by photographing or videotaping) ahead of time will make it easier to quickly claim any available insurance and tax benefits after a disaster strikes. Photos should be stored outside the disaster area.
• 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.
• Update emergency plans. Because a disaster can strike at any time, be sure to review emergency plans annually. When employers hire new employees or when a company or organization changes functions, emergency plans should be updated accordingly, and employees should be informed of the changes.
• How to Contact the IRS. In the case of a federally declared disaster, an affected business can call 1-866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues. Back copies of previously-filed tax returns and all attachments, including Forms W-2, can be requested by filing Form 4506, Request for Copy of Tax Return.

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