Monday, June 04, 2007

IRS Tips for Preserving Financial Documents in face of Hurricane Season

“With forecasts calling for an active Atlantic hurricane season, the IRS encourages taxpayers to protect tax and financial documents that can be hard to replace,” IRS Acting Commissioner Kevin M. Brown said. “A little planning can help safeguard valuable information in case a hurricane or other disaster strikes.”

Listed below are tips for individuals and businesses on maintaining financial and tax records:
  • Paperless Recordkeeping - scan paper records into electronic form, save a copy on a USB drive, place in a safe
  • Documenting Valuables - photograph or videotape the contents of his or her home, especially items of greater value. See the IRS's disaster loss workbook, Publication 584
  • Check on Fiduciary Bonds - bond could protect the employer in the event of default by the payroll service provider
  • Update Emergency Plans - annually

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