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Archive for November 4th, 2019

IRS Stresses Natural Disaster Preparation

Monday, November 4th, 2019

The presence of Hurricane Dorian has the IRS encouraging individuals to make the necessary preparations for not only themselves but also making sure to secure their essential documents so they are not permanently lost. The IRS offers a few different hints to help taxpayers prepare:

• Secure key documents and make copies – this includes any important document such as birth certificates, deeds, titles, tax returns, insurance policies, etc. Duplicates can be made and stored away from the disaster area and electronic copies can also be made.
• Document valuables and equipment – taking photographs and videos will help support insurance claims after the disaster strikes.
• Employers should check fiduciary bonds.
• Rebuilding documents – the IRS has a reconstructing records webpage to assist taxpayers with this:

https://www.irs.gov/newsroom/reconstructing-records-after-a-natural-disaster-or-casualty-loss-irs-provides-tips-to-help-taxpayers

• Taxpayers can call the IRS help line at 866-562-5227 if they need to speak with a specialist trained to handle disaster related issues.

Please consult your tax advisor on all the above information.